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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
  0.041515 0.57% 7.27465 7.26909 7.2802 7.27546 7.20186 7.2344 0 07:56:00

Turkish Lira Slips To 1-1/2-year Low Against U.S. Dollar After Turkey Rate Cut

17/03/2020 8:07am

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The Turkish Lira lost ground against the U.S. dollar during the European session on Tuesday, after Turkey's central bank lowered its key interest rate by 100 basis points and announced comprehensive set of measures to contain possible adverse effects of uncertainty caused by covid-19 pandemic on the economy.

At an emergency meeting, the Monetary Policy Committee, led by Governor Murat Uysal, slashed the policy rate, which is the one-week repo auction rate, to 9.75 percent from 10.75 percent. This was the second rate cut so far this year.

"With an aim to support financial stability, the central bank will implement a comprehensive set of measures," the bank said.

The Turkish Lira dipped to a 1-1/2-year low of 6.4930 against the greenback from yesterday's closing value of 6.4243. The Lira is likely to test downside target around the 6.7 region.

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1 Year US Dollar vs TRY Chart

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1 Month US Dollar vs TRY Chart
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