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Pressure on Exchange Rate May Continue

The sharp decline of the Turkish lira’s exchange rate against the US dollar has continued to drag down major currencies in the world, from the Indian rupee to the euro. Growing concerns that the fall in the Turkish currency would spread and affect the European banking sector.

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AFP PHOTO/BULENT KILIC

Turkish President Recep Tayyip Erdogan

LONDON, TUESDAY – The sharp decline of the Turkish lira’s exchange rate against the US dollar has continued to drag down major currencies in the world, from the Indian rupee to the euro. Growing concerns that the fall in the Turkish currency would spread and affect the European banking sector were the main factors causing the crisis in Turkey, economists said.

In trading on Tuesday (14/8/2018), the rupee exchange rate fell around 1.6 percent to 69.93 per US dollar. It was the currency’s largest single-day drop in five years. The rupee has lost about 8 percent of its value this year.

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