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 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.
The performance of the Turkish currency declined against the dollar during the overall trading of the current week.
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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.
The USD/TRY pair maintained its stability during trading last week, for the third week in a row with the price moving in the same range.
USD/TRY currency pair stabilized during the morning of Thursday, as the pair traded in the same range it recorded after the inflation data released yesterday.
USD/TRY trading volumes declined at the end of last week, with the Turkish lira rising from its all-time low against the dollar following positive reports released over the weekend.
The USD/TRY pair has remained stable during this week's trading, with the lira recovering slightly from its all-time lows against the dollar.
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The USD/TRY pair traded mixed during the early trading sessions of the week, after hitting its all-time low at the end of last week.
The USD/TRY pair rose at the beginning of trading this week, as the lira fell to its lowest level in about a month, after settling in a narrow range that lasted for several weeks.
The USD/TRY pair has maintained its stability without any significant changes. Recently, the pair has continued to move at the same levels for the third month in a row, confirming the controlled movement of the Turkish currency.
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The USD/TRY pair retreated yesterday, Wednesday, against the Turkish lira, while it stabilized this morning, Thursday.
The USD/TRY currency pair stabilized at the beginning of this week's trading.