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Turkish Lira Drops on Concern over Syria Conflict

Turkish Lira Drops on Concern over Syria Conflict

Tuesday, 11 February, 2020 - 13:00
Turkish lira via Reuters
Asharq Al-Awsat

The Turkish lira dropped about 0.6 percent against the dollar on Tuesday, amid investors' growing concerned over the escalation of violence between the Syrian regime and Turkish forces in northwestern Syria.

The lira weakened as far as 6.04250 against the dollar from a close of 6.0075 on Monday.

Five Turkish soldiers were killed in shelling by Russia-backed Syrian forces on Monday, marking the second deadly attack on Turkish forces in Syria’s Idlib province within a week.

Concerns over Turkey’s increased military involvement in Syria have been growing, said Jason Tuvey, senior emerging markets economist at Capital Economics, Reuters reported.

“The latest developments certainly raised concern that tensions will continue to flare up,” he said.

The lira had declined to 6.05 on Friday, its weakest point in regular trading since late May.

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