Turkish lira drops

LONDON: Turkey's lira headed on Friday for its biggest weekly fall versus the dollar in over a year, sharply underperforming other emerging assets, as chances of fresh elections raised fears for its credit ratings and economy. Heightened uncertainty around Turkey, caused by exit of its moderate PM, comes amidst a weaker emerging markets backdrop, with MSCI's emerging equity index falling for the sixth straight session. The index, down 0.8 per cent on the day, is on course to end the week down over four per cent, its worst performance since early January due to fresh fears that central banks are powerless to lift global economic growth.