Turkey's lira hits record low against dollar amid pandemic

May 07, 2020 - 7:29 am

ANKARA, Turkey (AP) — Turkey’s currency dropped to an all-time low against the dollar on Thursday as the country struggles with the economic impact of the coronavirus pandemic.

The Turkish lira fell by 1% to 7.26 against the dollar, surpassing the previous record low of 7.24 reached during a currency crisis in August 2018.

The Turkish currency has lost some 18% of its value against the dollar since the beginning of the year.

The country was hit by the pandemic as it was already grappling with slow growth, increasing unemployment and rising inflation.

Turkey has reported a total of 131,744 confirmed COVID-19 infections and 3,584 deaths.

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