Turkish Crisis Rattles Currency Markets; Dollar Hits One-Year High

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The Turkish lira tumbled as much as 12% Friday against the U.S. dollar, which rose to its strongest point in a year, as concerns about the health of Turkey’s financial system rippled through global markets.

The turmoil rattled a range of currencies, including the Russian ruble and Australian dollar, and knocked shares in several big European banks. The moves recalled previous episodes where trouble in countries such as China and Greece has fed wider market anxiety.

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