2018.08.0610:31:00UTC+00Turkish Lira Slides To Fresh Record Low Against U.S. Dollar

The Turkish Lira slipped against the U.S. dollar in early New York deals on Monday, after the U.S. said it would review Turkey's duty-free access to U.S. markets after Turkey's retaliatory action on U.S. goods.

The U.S. Trade Department on Friday said that it was introducing a review of Turkey's duty-free access to US markets under the the Generalized System of Preferences, would could hurt $1.66 billion worth of Turkish imports into the U.S.

The review would focus on "the Turkish government's compliance with the GSP market access criterion and was prompted by the Turkish government's recent imposition of unfair and unwarranted tariffs on U.S. goods entering Turkey."

The Lira fell to a new record low of 5.1948 against the greenback, from last week's closing value of 5.0752.