USD/TRY refers to the US Dollar/ Turkish new lira currency pair. TRY is the currency used in Turkey and in Turkish administered Northern Cyprus....
USD/TRY is an exotic currency pair, with comparatively low trading volume, which is not widely used in global financial transactions. The Turkish lira was revalued in 2005, as part of far- reaching economic reform, including privatization and a tough monetary policy designed to reduce spending. The revaluation of the TRY was designed to combat exceptionally high inflation. The new Turkish lira was introduced and from this point on, 1 TRY became the equivalent of 1 million of the old Turkish liras. Today, the TRY has no explicit peg but has historically been pegged to the British pound French franc and the US dollar. At various times, Turkey has actively intervened in the foreign exchange markets to bolster the value of the TRY. Over the years, Turkey has faced geopolitical and economic challenges, an ongoing debt crisis, and rising inflation, combined with strong political pressure to reduce interest rates. The Turkish economy has also been struggling with rising credit default swaps due to limited currency reserves and negative real interest rates.
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The Turkish lira appreciated against the US dollar during today's trading, while the pair stabilized within the same limited range around 34 lira per dollar.
The Turkish currency maintained its range-bound variance against the US dollar at the beginning of this week’s trading, as the pair continued to fluctuate in a limited range for about two weeks.
The Turkish Lira gained slightly in Asian trading on Monday morning, stabilizing above the 34-lira level.
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The Turkish lira rose slightly during Asian trading on Thursday morning, while trading was close to its all-time lows recorded yesterday.
The Turkish Lira depreciated against the US Dollar in early week trading, with the dollar recording new gains despite a global dollar decline.
The Turkish Lira declined against the US dollar during the beginning of the week's trading.
The Turkish Lira fell against the US dollar during early trading on Thursday morning.
USD/TRY Forecast: Bullish at 33.50, target 33.75; Bearish at 33.75, target 33.50. Lira mixed as Turkish central bank intervenes amid financial volatility.
The Turkish Lira fell against the dollar at the start of weekly trading, recording a new record low against the dollar.
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The dollar-Turkish lira pair rose at the beginning of this week, following a slight increase in the Turkish lira at the end of last week.
The US dollar initially tried to rally a bit against the Turkish lira and then gave back those gains to essentially end up where we started for the session after gapping higher.
The Turkish Lira stabilized against the dollar at the start of the weekly trading.
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The Turkish lira's performance against the dollar has declined at the start of this week.
The lira is trading near its lowest levels ever, near 33 liras per dollar.