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 USD/TRY pair remained stable without significant changes during the current week, maintaining its limited movement during European trading this morning.
Turkish lira Analysis: The US dollar’s trading declined against the Turkish lira during trading at the beginning of the week, as the pair received support
Trading of the USD/TRY remained stable during morning trading today, Thursday, with the pair seeing no significant changes throughout the current week.
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The US dollar against the Turkish lira pair recorded a rise during the European trading this Monday morning.
USD/TRY trading rose in early Thursday trading, as the pair seeks to break through resistance levels that have held this month at 32.50 and close above them daily.
The pair rose in early trading today, at the same slow upward pace.
The pair rose in early trading today. The dollar rose for the sixth consecutive day, albeit at a slow pace.
The USD/TRY pair rose during early Monday trading, marking its third consecutive day of gains while remaining within a limited range below last month's peak.
USD/TRY pair fell in early trading on Wednesday, despite the negative inflation data released earlier in the day.
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USD/TRY stabilized during early trading on Monday morning with an upward bias.
The pair continued its slow ascent towards the peak recorded last week, which settled lower after the Turkish Central Bank decided to raise interest rates last Thursday.