The Turkish lira fell to a record low of 44.1 per USD in March, holding its steady devaluation rate by the Central Bank of Turkey after it intervened in foreign exchange markets to prevent a slide. Markets pivoted from emerging market currencies to the dollar following strikes between Iran, Israel, and US allies in the Persian Gulf. The central bank sold more than $8 billion in foreign exchange in March's first week to prevent a slide in the lira despite expectations that the fresh inflationary risks from war in the region, especially due to a surge in energy prices, drove the central bank to halt its cutting cycle. Additionally, the TCMB halted reverse repo auctions, driving banks to lift the lira overnight reference rate to 40%. On top of that, confidence on the suspension of the rate-cutting cycle was attributed to a bounce in the headline inflation rate during February to 31.5%, its first increase since September.
The USD/TRY exchange rate rose to 44.1899 on March 13, 2026, up 0.17% from the previous session. Over the past month, the Turkish Lira has weakened 1.11%, and is down by 21.02% over the last 12 months. Historically, the USDTRY reached an all time high of 44.23 in March of 2026. Turkish Lira - data, forecasts, historical chart - was last updated on March 13 of 2026.
The USD/TRY exchange rate rose to 44.1899 on March 13, 2026, up 0.17% from the previous session. Over the past month, the Turkish Lira has weakened 1.11%, and is down by 21.02% over the last 12 months. The Turkish Lira is expected to trade at 44.04 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 43.36 in 12 months time.