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The Turkish lira falls ahead of government talks with US officials
The Turkish lira fell against the dollar on Wednesday, shrugging off some of the day's gains ahead of talks between Turkish and US officials in Washington in a bid to settle a currency dispute.
The pound fell 27 percent this year and 5.5 percent on Monday to 5.4250 lira to the dollar, its lowest level ever and the biggest one-day decline in nearly a decade. The lira hit on Monday after Washington said it was reviewing the exemptions granted to Turkish exports to the US market.
By 0556 GMT, the Turkish currency was 5.26 lira to the dollar, down from Tuesday's closing level of 5.2260 lira, as the currency rose after reports that a Turkish delegation would go to Washington for talks in hopes of easing tensions between the two countries.
At the end of the week, the US Trade Representative said that the United States has lowered Turkey's tariff exemption on the US market, a move that could affect Turkey's exports of $ 1.7 billion.
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