Lira plunges as Turkish banks reduce dollar sales

ISTANBUL, Turkey: As state lenders reduced the amount of dollar sales to prop up the currency for the ninth consecutive day, the Turkish lira plunged in value to a new low for the year.

According to traders who asked to remain anonymous, over the past two days state-owned banks sold more than $1 billion to support the lira, though their interventions have reportedly slowed down.

The Turkish currency, whic