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Turkish lira tumbles further as central bank fails to shore up confidence

11/01/2017 11:02
The Turkish lira fell to new lows on Wednesday despite efforts by the central bank to support it by boosting dollar supply, making it the worst performing major currency this year with losses of more than 9 percent against the dollar.

The lira slumped as much as 2.5 percent against the dollar in early trade on Wednesday as concern about Turkey's political and economic stability was compounded by doubts about whether the central bank would take strong enough action.