Turkish currency hits record low against U.S. dollar amid high inflation

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Turkish currency hits record low against U.S. dollar amid high inflation

STORY: Turkish currency hits record low against U.S. dollar amid high inflation DATELINE: May 10, 2022 LENGTH: 0:01:43 LOCATION: ISTANBUL, Turkey CATEGORY: ECONOMY SHOTLIST: 1 various of money exchange offices in Turkey 2 various of street views 3 various of market STORYLINE: The Turkish currency broke through a key threshold Monday against the U.S. dollar amid the soaring inflation rate. At 2:10 p.m. (1110 GMT), one dollar was traded at 15.03 Turkish liras, exceeding the resistance level of 15.00. The currency has lost almost 60 percent of value against the greenback since 2021. The renewed depreciation of the Turkish currency came after the country's inflation rose at a monthly rate of 7.25 percent in April and 69.97 percent from a year earlier, the highest in the last two decades. According to the Turkish statistical institute, the depreciation was driven mainly by growing transportation and food prices. The Turkish economy has long been suffering from a series of turmoil, including the co

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