September 24, 2018 / 6:05 AM / 8 months ago

Turkish lira eases against dollar, economic outlook weighed

ISTANBUL, Sept 24 (Reuters) - The Turkish lira eased against the dollar on Monday, extending losses last week triggered by investor disappointment over the three-year economic programme announced by Finance Minister Berat Albayrak.

The lira weakened to 6.3125 against the dollar by 0601 GMT from Friday's close of 6.2900.

The lira has lost 40 percent of its value against the U.S. currency this year on concerns about President Tayyip Erdogan's influence over monetary policy and a diplomatic spat between Turkey and the United States.

It has rebounded off a record low of 7.24 in August after a series of measures to underpin the currency, including a hefty 625 basis points hike in the central bank's key interest rate.

Investors had hoped Turkey would announce a sweeping plan to help its banks when Finance Minister Berat Albayrak rolled out the new economic programme last week, but there was no such announcement.

Albayrak announced sharply lower growth forecasts for 2018 and 2019 and promised $12 billion in new savings and revenue for 2019, but failed to mollify investors who wanted to see Ankara move quickly to stem worries about the banking sector.

Turkey's central bank on Monday will release capacity utilisation and manufacturing confidence data for September. Recent data have shown that economic and consumer confidence dropped to their lowest since 2009. (Reporting by Daren Butler; Editing by Ali Kucukgocmen)

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