Turkish lira weakens after Fitch downgrades outlook to 'negative'

Turkey's lira edged lower against the dollar on Friday after ratings agency Fitch revised the country's outlook to "negative" from "stable" over risks from monetary policy direction.

At 0518 GMT, the lira stood at 13.75 to the U.S. currency, about 0.6% weaker from Thursday's close. The unit lost some 46% of its value against the greenback this year.

The currency slumped to an all-time low 14.0 this week after President Tayyip Erdogan defended the low-rate economic policy and as the dollar benefited from hawkish U.S. Federal Reserve comments.

The ratings agency described the central bank's easing cycle, which started in September even when