Bloomberg News

Lira Falls to 1.9 Per Dollar on Concern About Bank’s Defense

October 04, 2011

Oct. 4 (Bloomberg) -- The lira fell to 1.9 per dollar in Istanbul, a record low, as the central bank offered fewer dollars than some investors expected in an auction today, fueling concern it isn’t doing enough to defend the currency.

The lira lost 0.5 percent to 1.9007 against the dollar at 2:39 p.m., extending this year’s losses to 19 percent.

The central bank’s foreign currency reserves, excluding gold, of about $85 billion are dwarfed by Russia’s $526 billion in currency and gold. The bank sold $140 million for liras today, less than the highest amount of $350 million it has sold in daily auctions since Aug. 5.

To contact the reporter on this story: Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net

To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus