Turkey's embattled lira on Wednesday took a new pounding on foreign exchange markets as emergency measures announced by the central bank failed to impress markets rattled by terror attacks and political instability.
The value of the Turkish lira has dropped nearly seven percent against the dollar since the start of the year. On Wendnesday, the lira lost 1.15 percent against the dollar to trade at 3.84 to the greenback, having earlier reached a new historic low in value of 3.89. Against the euro, the lira crashed through the 4.0 ceiling for the first time in history to trade at 4.06 to the euro, a loss of 1.19 percent in value on the day. The lira slumped to new lows on Tuesday, passing 4.0 to the euro for the first time and extending a slide since the start of the year.
Along with a slew of terror attacks, the political uncertainty has been one of the factors pressuring the Turkish lira which has lost 18 percent in value against the dollar over the last three months.
Analysts attribute the steep drop in value to the proposed constitutional amendments which parliament began deliberating on Monday.
