Turkey's Lira Continues to Struggle Despite Policy Shift and Rate Hike.

The Turkish lira fell to a new record low after the central bank raised interest rates by 6.5%, which fell short of market expectations. The rate hike was a reversal of President Erdogan's previous unorthodox monetary policy, which saw inflation in the Turkish economy accelerate to record levels. The central bank's policy committee said the monetary tightening "will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved."