Turkish lira hits record low ahead of rate decision

The Turkish lira weakened more than 2% to a fresh record low against the dollar on Tuesday over market concerns that the central bank might raise interest rates this week by less than previously expected, News.az reports.

The lira hit a record low of 26.9 against the U.S. currency, sliding from Monday's close of 26.3505. It has weakened 30% so far this year.

According to a Reuters poll, Turkey's central bank is expected to raise its policy rate by 500 basis points to 20% this week, making good on its pledge of further tightening to curb inflation, which is set to rise again.

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