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Thread: USDTRY

  1. #1
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    USDTRY

    TURKEY'S LIRA WEAKENS TO RECORD LOW OF 3.32 AGAINST DOLLAR.

    Turkish Lira weakens to its all-time low against U.S.Dollar. This Trent continues from many months.

  2. #2
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    Turkish lira rebounded


    The Turkish lira rebounded from record lows against the broadly weaker U.S. dollar on Thursday a day after posting the largest one-day decline since a failed coup in 2016. USD/TRY was trading at 3.7845, down 2.07% from Wednesday’s close. The pair hit highs of 3.9423 on Wednesday and ended the day with gains of around 2.0%.It was the largest one-day decline in the lira since a failed coup in July that attempted to overthrow the government of President Recep Tayyip Erdogan.


    Emerging markets have been hard hit since Donald Trump’s surprise U.S. presidential election victory in November, as the prospects of rising U.S. interest rates prompted investors to pull cash out of developing economies.Turkey has become particularly fragile because of high levels of political and economic risk and relatively low central bank reserves to defend its currency.

  3. #3
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    Turkish lira breaks after central bank holds rate.

    The Turkish lira tumbled against the U.S. dollar after the country’s central bank kept its benchmark interest rate on hold, disappointing markets which had been anticipating a rate hike in the face of a weakening currency.


    USD/TRY touched highs of 3.82 following the decision and was last at 3.78, up 0.87% from Monday’s close.Turkey’s central bank kept the benchmark repo rate steady at 8%. Economists had been hoping for a rate hike of at least 50 basis points to stem the lira's falls.The bank raised the overnight lending rate to 9.25%.Turkey’s central bank uses multiple rates to set policy.The lira has fallen almost 8% against the dollar so far this year, making it one of the worst performing major emerging market currencies.

 

 

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