The Turkish lira dipped to a new low against the greenback on Monday as the U.S. dollar index rose toward an historic high.

Starting the day at 2.6684, the Turkish lira slumped to 2.6737 in early morning trade.

According to Anadolu Agency, The dollar has been in a correction move over the last number of weeks after the U.S. dollar index, which measures the greenback against a basket of six major currencies, slumped nearly 4 percent from its historic high of 100.39 points.

Experts believe that the dollar’s strength was the major driver behind the decline in the Turkish lira, as well as other currencies, as the U.S. dollar index’s near 4 percent movement indicated large-scale dollar demand across the world.

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