Turkey: Turkish lira weakens
June 8, 2012
By 8 June, the Turkish lira (TRY) traded at 1.83 per USD, which was 2.8% weaker than the level recorded on the same day of the previous month. The figure follows on a 6.2% depreciation recorded in the month of May. On an annual basis, the lira is 15.4% weaker than in the same month last year, making it one of the worst performers among emerging markets currencies. The Turkish lira weakened on diminishing global risk appetite, as the deterioration of the debt crisis in Europe caused a sharp strengthening of the USD versus most currencies in recent weeks.