ISTANBUL: Turkey’s lira weakened more than 1 per cent on Tuesday, declining for a third straight trading session, as investors remain cautious of emerging markets after the Argentinian peso fell to a record low against the dollar.

The lira stood at 5.6245 against the dollar at 1217 GMT, down some 1.1pc from Monday’s close of 5.5630. Earlier, it declined as far as 5.6360, it’s weakest level since July 29.

Tuesday is a public holiday in Turkey for Eidul Azha.

Argentina was in the spotlight on the global forex market after a victory by centre-left opposition leader Alberto Fernndez in Sunday’s primary election raised concerns he could roll back President Mauricio Macri’s business-friendly agenda if he won October’s presidential vote.

Published in Dawn, August 14th, 2019