World Economy

Turkish lira hits record low of 3.0769 after S&P cuts outlook

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Turkey's lira currency hit a record low against the U.S. dollar on Wednesday after ratings agency S&P lowered its sovereign credit outlook to "negative" from "stable", saying the polarization of politics had further eroded checks and balances.

S&P also said investors could expect a period of heightened unpredictability that could constrain capital inflows into the economy following last weekend's failed military coup in Turkey.

The lira fell as far as 3.0769 against the greenback, surpassing a previous low of 3.0750 set on September 2015.

People wave Turkish flags during a march around Kizilay Square in reaction to the attempted military coup on July 16, 2016 in Ankara, Turkey.
Chris McGrath | Getty Images