USD/TRY: Turkish lira is now down over 40% this year

Turkish lira (TRY) continues to take a beating on a host of factors, ranging from domestic economic concerns, geopolitical tensions, and Biden victory fears in the US presidential elections. 

At press time, the TRY is trading at 8.3969 per US dollar, down 41% on a year-to-date basis. 

The sell-off set in motion by Turkey's balance of payment issues has accelerated in recent days with polls predicting victory for Democratic presidential candidate Joe Biden. 

"With Biden as President, the risks of sanctions on Turkey would increase substantially," macro analyst Holger Zschaepitz tweeted on Monday. The US elections will be held on Nov. 3