The Turkish liras exchange rate hit record low levels against the dollar and the euro during Monday’s trading, in light of geopolitical concerns.
By 14:50 Moscow time, the dollar’s exchange rate had risen 1.73 percent to 7.7963 pounds, according to Bloomberg.
Thus, the Turkish currency has fallen to a new record low, and the currency has fallen more than 21% against its US counterpart since the beginning of this year until now.
The Turkish currency is under pressure after Turkish President Recep Tayyip Erdogan expressed his country’s full support for Baku after the military confrontation between Azerbaijan and Armenia over the Karabakh region.
This tension adds to the exacerbation of relations between Turkey and Greece regarding the exploration for energy resources in the eastern Mediterranean.