Turkish Lira Reaches Record Low Against Dollar

On Thursday, the Turkish currency fell to 7.89 lira per US dollar, hitting a new record low after recording 7.88 lira the previous day, according to Bloomberg.

Earlier, Bloomberg linked the depreciation of the Turkish national currency to concerns that Ankara could become embroiled in the conflict between Azerbaijan and Armenia. Turkey has close ties with Azerbaijan, and President Recep Tayyip Erdoğan has stated his support for Baku.

The situation in Nagorno-Karabakh escalated on September 27, with active fighting taking place in the disputed area. A state of martial law has been declared in both Azerbaijan and Armenia, with mobilization announced. Both sides report casualties and injuries, including among the civilian population, as TASS reports.