Turkish Lira At Record Low Against U.S. Dollar On Expulsion Of Envoys

Turkish President Recep Tayyip Erdogan's order to remove foreign ambassadors who demanded the release of a government critic Osman Kavala pushed down the Turkish Lira to a record low against the U.S. dollar on Monday.

Erdogan said that the ambassadors of the United States and nine other Western countries will be expelled from Turkey immediately after they called for a resolution to the case of Kavala, who has been jailed since 2017 without being convicted.

The President said that he had ordered the foreign minister to declare these 10 ambassadors as persona non grata as soon as possible and has asked to leave Turkey.

Erdogan's order came after these 10 ambassadors issued a joint statement on October 18 demanding a speedy resolution to Kavala's case and his acquittal.

The Turkish Lira plunged to a record low of 9.8395 against the greenback in Asian trading and has since stabilized around 9.7469. The USD/TRY pair had closed Friday's deals at 9.5862.

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