The Turkish lira dropped today ahead of the credit rating decision by Fitch Ratings that may lead to Turkey losing its investment grade.
Fitch was the only big rating agency that preserved an investment grade for Turkey up until now as Standard & Poor’s and Moody’s Investors Service have already lowered the nation’s credit rating to “junk”. Now, investors are concerned that Fitch may follow suit. That hurt the lira, which has already lost 9% of its value this year.
USD/TRY rose 0.66% to 3.8752 as of 11:47 GMT today.
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