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Turkey's lira slipped towards a fresh record low against the dollar as President Tayyip Erdogan claimed victory in the country's presidential election on Sunday, a win that would steer his increasingly authoritarian rule into a third decade.
Brazil Finance Minister Fernando Haddad on Friday said the country is about to enter a downward cycle of interest rates, pointing out that inflation is "more behaved."
The Turkish lira hit a record low beyond 20 against the dollar on Friday, ahead of this weekend's presidential election runoff that will decide whether President Tayyip Erdogan extends his rule into a third decade.
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The dollar stood near a two-month high against its major peers on Friday and was headed for a third weekly gain on expectations that U.S. interest rates could remain higher for longer than initially expected.
Brazilian central bank chief Roberto Campos Neto said on Thursday that a fiscal framework bill approved a day earlier by the country's lower house has had a positive impact on inflation forecasts and long-term interest rates.