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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
  0.006135 0.08% 7.23927 7.23043 7.2481 7.26795 7.20186 7.2344 0 07:40:20

Turkish Lira Falls To 20-month Low Versus U.S. Dollar After Turkey Rate Cut

22/04/2020 8:59am

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US Dollar vs TRY (FX:USDTRY)
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The Turkish lira depreciated against the U.S. dollar in the European session on Wednesday, as Turkey's central bank reduced its key interest rate to combat the economic fallout from the coronavirus outbreak.

The Monetary Policy Committee led by Governor Murat Uysal, cut the policy rate, which is the one-week repo auction rate, to 8.75 percent from 9.75 percent.

This was the third rate cut so far this year. The bank had reduced another 100 basis points in March.

The central bank said it will continue to use all available instruments in pursuit of the price stability and financial stability objectives.

The Turkish lira weakened to 6.9982 against the greenback, its lowest level since August 2018, when it reached a record low. The currency may face downside target around the 7.08 region.

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