The lira plunged nearly 20% against the U.S. dollar.
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The Italian government suspended lira trading on the Milan Foreign Exchange after the currency fell to 2,200 lira to the dollar from 1,840 the previous day. The drop occurred as unconfirmed rumors circulated of an impending devaluation. In addition to speculation about a shake-up of the European Monetary System and persistent worries about the Italian economy, the lira was hurt by an order from an Italian company to buy a large amount of dollars at any price.
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