Dollar/TL reaches new all-time high

During the morning hours when domestic markets were closed for the Eid al-Adha holiday, the dollar/TL exchange rate hit a new record, rising to the 45.96 level. Rising oil prices and interest rate uncertainty in global markets continue to exert pressure on the foreign exchange market.

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Continuing its upward trend against the Turkish lira during the holiday period, the dollar reached an all-time high of 45.9607. At 09:42, the dollar/TL exchange rate stabilized at 45.9040. At the same time, the Euro/TL was trading at 53.2800 with a 0.2 percent decline, while the British pound/TL was trading at 61.5150, down 0.2 percent.

The dollar index, which measures the performance of the US currency in international markets, rose 0.1 percent to 99.4 points in the early hours of the day. The previous day, the dollar/TL had followed a flat course, closing the day at 45.9030.

Economists emphasize that new US attacks on Iran have driven up oil prices, increasing global inflation concerns. Rising inflation expectations and uncertainty regarding the US Federal Reserve's interest rate policy are strengthening the dollar, while causing a decline in interest in the currencies and risky assets of emerging markets.

The volatility in exchange rates is expected to continue to be shaped by geopolitical developments and economic data from the US in the coming days.

News Source: 12punto