ISTANBUL: Turkey’s lira nose-dived 15% on Tuesday in its second-worst dayever after President Tayyip Erdogan defended recent sharp rate cuts, andvowed to win his “economic war of independence” despite widespreadcriticism and pleas to reverse course.
The lira tumbled to as low as 13.45 to the dollar, plumbing record troughsfor an 11th straight session.
It has lost 45% of its value this year, including a near 26% decline sincethe beginning of last week.
