Lira sinks even as Turkey spends billions of dollars to prop it up

The Turkish lira dropped as much as 1.6 per cent on Tuesday to 6.97 against the dollar, the weakest level since April The Turkish lira dropped as much as 1.6 per cent on Tuesday to 6.97 against the dollar, the weakest level since April © Bloomberg

The Turkish lira tumbled to a four-month low against the dollar in the second day of frenetic trading, even as authorities spent about $2bn in an attempt to fend off the heavy selling.