USD/TRY: Turkish Lira hits fresh record low

The Turkish Lira fell to a new record low of 7.6374 per US dollar on Tuesday, surpassing the previous lifetime low of 7.6363 reached on Monday. 

The currency depreciated by 1% on Monday – the biggest single-day decline since Aug. 12 – after rating agency Moody's warned that Turkey's buffers against a balance-of-payments crisis are "almost depleted."

Moody's recently downgraded Turkey's debt rating deeper into Junk. The sovereign's credit rating was cut to B2, five levels below investment grade and on par with Egypt, Jamaica, and Rwanda. 

Lira is now down 28% on a year-to-date basis, having depreciated by 12.48% in 2019.