The Turkish Lira fell sharply against the U.S. dollar during the European session on Friday, as the latter rose across the board ahead of U.S. inflation data.

The personal consumption expenditures index, which is the Fed's preferred inflation gauge, is expected to show a spike in April. Concerns that a higher-than-expected figure could force the U.S. Federal Reserve to tighten its monetary policy pushed up the dollar.

The Turkish Lira was further weighed by a loose monetary policy despite accelerating domestic inflation.

The Turkish Lira fell to an all-time low of 8.60 against the greenback from Thursday's closing value of 8.48.

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