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The Turkish lira fell in early trading today to a new record low against the dollar, recording 18.85, as the Turkish currency is under pressure due to the strength of the dollar and geopolitical risks.
Reuters reported that the markets are awaiting the consequences of the earthquake that struck northwestern Syria and central Turkey today, adding to the pressure, as there are indications that the United States will push for stricter policies towards Ankara.
Emerging market currencies came under significant pressure after the dollar rose sharply on Friday in the wake of a strong US jobs report, suggesting that the Federal Reserve may stay on the tightening path for a while longer.
