Turkey's lira weakened by as much as 2% on Tuesday, extending sharp losses seen a day earlier and eroding massive gains made last week, as worries about the country's monetary policy weighed on sentiment.
By 1125 GMT, the lira pared its losses to trade at 11.8 against the dollar, off a morning low of 11.949. Despite last week's rebound, it has lost 37% of its value against the U.S. currency so far this year.
The lira hit an all-time low of 18.4 to the dollar before Erdogan's announcement, after a months-long slide prompted by fears of spiralling inflation following a series of interest rate cuts that the president had sought. "Inflation could follow a rising trend with the delayed impact of the FX rates after January," said Gedik Yatirim economist Serkan Gonencler. The December data will be released on Jan. 3.
However, Finance Minister Nureddin Nebati denied late on Monday that there had been any dollar-selling by institutions the night that Erdogan made his announcement.
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