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Lira drops on anticipated US response to Russian missile delivery

Lira drops on anticipated US response to Russian missile delivery

Mubasher: The Turkish lira (TRY) extended its fall against the US dollar as investors awaited the fallout from Ankara’s purchase of a Russian missile-defence system, to which Washington threatened to respond with sanctions.

By 2:18 pm GMT, the Turkish lira declined against the greenback, with the USD/TRY pair climbing by 1.34% TRY 5.7502.

The lira dropped by more than 1.8% to the lowest level since earlier this week, after top US Defense Department officials vowed to address the matter at 11:15 am in Washington.

The first major cargo of the S-400 batteries was delivered to Turkey earlier on Friday.
Traders are expecting clarity on the response from the White House which raised concerns that the missile system would undermine NATO’s military capabilities.

President Donald Trump’s suggestion last month that Turkey would be spared the worst sanctions offered some optimism that the action would be mild.