Turkish lira trades just below 7 against dollar, action plan awaited

The Turkish lira traded at 6.97 to the dollar in Istanbul after plunging to 7.24 in Asian trade, easing back from the record low after Finance Minister Berat Albayrak said Turkey would start implementing an economic action plan on Monday morning.

The lira has lost some 46 percent of its value against the U.S. currency this year, largely over worries about President Tayyip Erdogan’s influence over the economy, his repeated calls for lower interest rates and worsening ties with the United States.