Turkish Lira Hits All-time Low

USDTRY increased to an all-time high of 44.22. Over the past 4 weeks, US Dollar Turkish Lira gained 1.07%, and in the last 12 months, it increased 21.21%.

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.

USDTRY increased to an all-time high of 44.02. Over the past 4 weeks, US Dollar Turkish Lira gained 0.94%, and in the last 12 months, it increased 20.91%.