Jul 30 2018

Lira weakens to over 4.9 against U.S. dollar after Fitch warning

Turkey’s troubled currency, the lira, on Monday hit a low of 4.901 against the U.S. dollar after Fitch ratings agency warned the country’s banks about the risks threatening their credit profiles, secular Cumhuriyet daily reported.

The lira fell to its lowest in almost a week, and traded at 4.8980 by 1036 GMT.

Fitch downgraded Turkey's sovereign credit rating to BB from BB+ with a negative outlook earlier this month and downgraded 24 banks in the country.

The currency fell to 4.89 against the dollar over the weekend following the U.S. threat of sanctions due to the ongoing detention of U.S. Pastor Andrew Brunson in Turkey.