The Turkish lira stood at 7.6 to the USD on Friday, up more than 1% from an all-time low the day before, following the central bank's unexpected decision to hike interest rates by 200 bps. The currency has lost over 20% against the greenback this year due to concerns about depleting foreign exchange reserves, inflationary pressures, a sizable current account deficit and tensions between Ankara and Athens over disputed offshore borders.
Historically, the Turkish Lira reached an all time high of 7.83 in August of 2020. Turkish Lira - data, forecasts, historical chart - was last updated on September of 2020.
The Turkish Lira is expected to trade at 7.75 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 8.02 in 12 months time.