Turkey’s lira tumbled toward the weakest close against the dollar in more than two years after the central bank unexpectedly cut its benchmark interest rate by a half point to a record. Stocks fell the most in five months.
The lira lost as much as 2.7 percent and was down 2.4 percent at 1.7357 as of 5:37 p.m. in Istanbul. A close at that level would be the lowest since March 2009. The ISE National 100 Index (XU100) of shares retreated for a fifth day, losing 3.2 percent lower to 59,325.99.
Policy makers reduced the one-week repo rate to 5.75 percent to help shield the economy from the effect of Europe’s debt crisis and slowing growth in the U.S.
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