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Currencies

From Turkey to South Korea, strong dollar squeezes the energy-poor

Higher U.S. interest rates drive investors to greenback

Women stand in front of a currency exchange office in Istanbul. The Turkish lira depreciated by 8% since the end of August.   © Reuters

TOKYO -- The interest-rate-driven strength of the dollar has battered currencies of energy-importing economies like Turkey, Brazil and South Korea, adding to the pressure from high crude oil prices.

The Turkish lira was down 8% against the greenback on Tuesday compared with the end of August. The South Korean won touched a 15-month low against the dollar. That day, Bank of Korea Gov. Lee Ju-yeol indicated that the central bank may intervene to prop up the national currency.

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