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Turkish lira hits record low against U.S. dollar

Xinhua, October 13, 2016 Adjust font size:

The Turkish lira fell to a record low of 3.1107 against the U.S. dollar in early-morning trading on Thursday.

The dramatic drop came a day after the ruling Justice and Development Party decided to further constitutional changes to introduce an executive presidential system.

Turkish Prime Minister Binali Yildirim said on Wednesday the government will submit a charter draft suggesting a presidential system to expand the powers of President Recep Tayyip Erdogan.

In the United States, the Federal Reserve's September meeting minutes released on Wednesday signaled a potential interest rate hike, creating additional pressure on emerging currencies such as the Turkish lira.

Observers say that Turkey's decision Tuesday on the extension of state of emergency for three more months, the downgrading late September of Turkey's credit rating by Moody's, and expectations of further interest rate cut by the Turkish central bank are among the factors pushing down the lira.

The previous record low for the lira's parity rate was 3.0970 posted on July 20, when Standard & Poor's, citing political uncertainty after the July 15 coup attempt, lowered Turkey's credit rating. Endit