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Turkish Lira (TRY) has seen further depreciation. With the recent inflation data from the US, lira has seen the lowest point in its history.
The exchange rate of the US dollar (USD) was 9.82 TRY at the end of the day yesterday (November 10). Today, it topped 9.97 TRY.
As for the exchange rate of Euro, it saw 11.42 TRY during the day. The price of gram gold also saw the level of 597 TRY.
As of 1.07 pm local time in Turkey today, when this news was being written, the USD exchange rate was 9.92 TRY and Euro was 11.38 TRY.
What is the reason for the increase?
Due to the monetary policy of the Central Bank, the depreciation of the Turkish Lira has gained pace over the past two months.
The inflation rate announced in the US yesterday was 6.2 percent, which marked a 31-year high. This development has led to an expectation in the markets that the FED will announce an interest rate hike earlier than planned and started strengthening the US dollar.
On the other hand, the worries that Turkey's Central Bank might continue reducing the interest rates has led to a pressure on the exchange rate and caused the Turkish Lira to see the lowest value in its history.
The increase of the USD against the TRY has also become a trending topic on Twitter under the hashtag #dolar10tl, which means "dollar is 10 lira". Thousands of social media users have posted messages under the hashtag. (HA/SD)
