Turkish lira hits record low 29 versus dollar

Credit: REUTERS/MURAD SEZER

ISTANBUL, Dec 11 (Reuters) - Turkey's lira TRYTOM=D3 touched a new all-time low of 29 to the dollar on Monday and it is down 35% so far this year after authorities loosened their grip on the currency as part of a pivot to more orthodox policies.

President Tayyip Erdogan - who had overseen years of unorthodoxy - reversed course in June and named a new cabinet and governor of the central bank, which has since raised interest rates to 40% from 8.5%.

(Writing by Jonathan Spicer; Editing by Daren Butler)

((jonathan.spicer@reuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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