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Turkish lira touches record low as US warns against Russian missile testing

October 07, 2020
Turkish lira
Turkish lira

ANKARA — Turkish lira fell to a record low on Wednesday against the dollar as Ankara faces the heat on multiple fronts — US sanctions, fraught ties with the European Union, and the ongoing Caucasus conflict

The lira dropped to as low as 7.87 per dollar. It traded down 1 percent at 7.8696 against the US currency on Wednesday. Losses this year total of almost 25 percent.

The United States is deeply concerned about reports that Turkey plans to test the S-400 missiles, a US State Department official said, according to media outlets including Greek newspaper Kathimerini and Russia’s Sputnik.

“We continue to stress at the highest levels that the S-400 transaction remains a major obstacle in the bilateral relationship and at NATO, as well as a risk for potential CAATSA sanctions,” the spokesperson said. “We are confident that President Erdogan and his senior officials understand our position.”

Turkey is planning to carry out the testing next week, Bloomberg reported on Tuesday, citing people familiar with the matter.

Turkey took delivery of the S-400s in July last year sparking losses for the lira on speculation among investors that the Trump administration might approve widespread sanctions called for by US lawmakers.

The Turkish currency took a pounding after Tensions between Ankara and the European Union over maritime disputes in the eastern Mediterranean.

Fighting between Azerbaijan and Armenian forces in Nagorno-Karabakh has compounded the woes for the lira as Ankara's backing for Baku has set Turkey apart from other big nations, alarming NATO allies who seek a ceasefire. — Agencies



October 07, 2020
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