The Turkish lira sank to a record low against the US dollar on Thursday, trading at over 19 lira amid local and global uncertainties. After surpassing the resistance level of 19, one dollar stood at 19.01 liras at 02:00 p.m. local time (11:00 GMT). The currency has lost about 70 percent of its value against the greenback since the beginning of 2022. Turkish people have long been struggling against rising living costs triggered by a high inflation rate, which hit a 24-year high of 85.51 percent in October 2022.
The inflation stood at 55.18 percent in February, but the actual cost of living experienced by local people is even higher as the prices of many products at least doubled in the past year.