Turkish lira touches record low on geopolitical concerns

ISTANBUL, October 9 (Reuters). The Turkish lira hit a record low against the dollar on Friday as concerns over the Caucasus conflict, possible US sanctions and tensions between Ankara and the European Union continued.
The lira was at 7.9475-0420 GMT, its weakest level ever, below its closing price of 7.9420 on Thursday.
The currency has lost around 25% of its value this year, mainly due to concerns about the central bank's depleted foreign exchange reserves and costly interventions in the foreign exchange market. Recently, geopolitical concerns have also come to the fore.
Thursday's data showed that Turkey's central bank's net foreign exchange reserves were at their lowest level since March 2004, reaching USD 16.80 billion on October 2nd.
Turkey's support for Azerbaijan in a conflict with Armenian forces in Nagorno-Karabakh has caused discomfort, while tensions between Ankara and the EU increased again this week.
A Republican and a Democratic U.S. Senator on Wednesday called on President Donald Trump's administration to impose sanctions on Turkey for purchasing Russia's S-400 air defense system after Turkey may have planned a full test. (Reporting by Ali Kucukgocmen; Editing by Uttaresh.V)

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