September 11, 2018 / 5:37 AM / 8 months ago

Turkish lira weakens slightly

ISTANBUL, Sept 11 (Reuters) - The Turkish lira weakened slightly on Tuesday, standing at 6.4700 to the dollar at 0522 GMT, down almost 0.1 percent from the previous day’s close.

The lira has lost more than 40 percent of its value this year on concerns over President Tayyip Erdogan’s grip on monetary policy and, more recently, over a diplomatic row between Ankara and Washington.

Investors are focused on the central bank’s rate-setting meeting on Thursday. They have said a sharp rate hike is required but that the bank might not be able to meet market expectations partly because of Erdogan’s antipathy to higher borrowing costs. (Reporting by Ali Kucukgocmen; Editing by Sunil Nair)

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