5 Worst Performing Currencies in Asia

3. Turkish Lira

Price Against 1 USD on January 2, 2023: 18 

Price Against 1 USD on September 20, 2023: 27

Percentage Decline in Price in 2023: 50%

Turkish Lira is the official currency of Turkey, a country in both Europe and Asia. The Lira has devalued in recent months because of depleting foreign exchange reserves and record inflation. After months of inaction on part of the Erdogan-led government, recent policy measures aimed at curbing inflation and stabilizing the currency, including a larger-than-expected interest rate hike at the end of the third quarter, have resulted in a brief rally. However, the currency remains one of the worst performers of the year.