Turkish lira hits all-time low of 8.6 against US dollar

ISTANBUL: Turkey's lira slid to an all-time low on Friday, hobbled by concerns over rising inflation globally and expectations at home that the central bank will soon cut interest rates, as well as emerging worries over possible early elections.

The currency - the worst performer in emerging markets this year - weakened as far as 8.6 versus the dollar, beyond a low water mark of 8.58 touched in November. It was at 8.59 at 07:29 GMT.

The lira has tumbled 16 per cent since mid-March when President Tayyip Erdogan abruptly fired a hawkish and market-friendly central bank chief and replaced him with Sahap Kavcioglu, who had previously criticised recent rate hikes.