Name Symbol Market Type
US Dollar Turkey New Lira FX:USDTRY Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  0.004 0.02% 18.6358 18.6308 18.6408 18.65848 18.6195 18.6315 0 18:04:58

Turkish Lira Drops To 5-1/2-month Low Against U.S. Dollar

07/06/2022 9:34am


US Dollar vs TRY (FX:USDTRY)
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The Turkish Lira depreciated against the U.S. dollar during the European session on Tuesday, as the nation's President Recep Tayyip Erdogan promised more rate cuts despite high inflation.

Erdogan said on Monday that the government would continue cutting the rates and that higher borrowing costs would only make "the rich richer and the poor poorer."

The Turkish Lira fell to 16.76 against the greenback, its lowest level since December 2021. The currency is seen finding downside target around the 18.00 level.

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1 Year US Dollar vs TRY Chart

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P: V:gb D:20221207 18:20:06