Lira Tumbles After Turkey Downs Russian Jet

The Turkish lira declined against the dollar Tuesday on reports Turkey shot down a Russian fighter jet for allegedly intruding in its airspace and ignoring warnings to return to Syrian airspace. The lira shed 1.1% of its value against the dollar -- on track for its largest daily decline in nearly three weeks -- to trade at 2.88 to the dollar, according to FactSet data. It traded at 2.85 to the dollar late Monday Eastern Time. The lira's declines occurred on a day when many other emerging-market currencies traded higher against the dollar. The Russian ruble traded 0.3% higher against the dollar at 66.17 to the buck, compared with 66.37 late Monday.

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