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Turkish lira weakens to new record, shares at year-low
June 24, 2013 / 3:20 PM / 4 years ago

Turkish lira weakens to new record, shares at year-low

ISTANBUL, June 24 (Reuters) - The Turkish lira slumped to its weakest ever against the dollar on Monday as the U.S. central bank’s plans to scale back its money printing, combined with tighter financial conditions in China, lifted the dollar.

The lira was supported earlier in the day by a central bank forex selling auction in which it sold $150 million, but later weakened to trade at 1.9581 at 1510 GMT.

Bond yields jumped amid an emerging markets sell-off triggered by the U.S. Federal Reserve signalling it would wind down its bond-buying stimulus programme.

The 10-year benchmark bond yield rose to 9.09 percent from a last trade of 8.65 percent on Friday.

The main Istanbul stock index fell 3.37 percent to 70,640.50 points, its lowest level so far this year, with shares in mobile operator Turkcell among the heaviest losers, down 2.75 percent.

Turkcell again failed to hold an annual general meeting on Monday due to a long-running dispute between major shareholders, prompting a rebuke from its biggest owner. (Writing by Ece Toksabay; Editing by Nick Tattersall)

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