August 17, 2018 / 10:02 AM / a year ago

Turkish lira tumbles 7 percent to dollar on sanction worries

A U.S. dollar banknote is seen on top of 50 and 100 Turkish lira banknotes in this picture illustration in Istanbul, Turkey August 14, 2018. REUTERS/Murad Sezer/Illustration

ISTANBUL (Reuters) - The Turkish lira slid 7 percent against the dollar on Friday as investors worried about a U.S warning that Turkey should expect more economic sanctions unless it hands over detained American pastor Andrew Brunson.

The lira weakened as far as 6.2499 as Turkey prepared for a week-long public holiday beginning at midday on Monday. Losses against the dollar this year widened to 39 percent as the U.S. row fuelled losses driven by concerns over President Tayyip Erdogan’s influence over monetary policy.

Reporting by Nevzat Devranoglu; Writing by Daren Butler; Editing by David Dolan

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