Turkish lira woes continue

Turkey’s lira was headed for its worst day this month on Thursday as concerns over financial stability grew, while other emerging market currencies were encouraged by a weaker dollar, although surging Covid-19 cases capped gains.

The lira dropped as much as 2.3% to 8.3669 to the dollar, leading losses across emerging market currencies in Europe, the Middle East and Africa (EMEA). It had tumbled nearly 1% on Wednesday after President Recep Tayyip Erdogan defended a costly foreign exchange sales policy. [Reuters]