The Turkish lira took a tumble because of sanctions threat from the US Administration.
The lira sank as much as 1.5% against the dollar after people familiar with the matter said the Trump administration is weighing three sanctions packages to punish Turkey. One of the packages would all but cripple the nation’s economy, the people said, and that’s probably behind the knee-jerk reaction today.
Concern over the implications of the Russian S-400 missile-defence deal has weighed on the lira for months and contributed to its 10% loss this year, the biggest depreciation in emerging markets after Argentina’s peso. They were trading at 5 percentage points on Wednesday, more than double its nearest rival, the South African Rand.
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