The Turkish Lira was the only currency to lose value against the dollar in 2025

Throughout 2025, the performance of emerging market currencies against the US Dollar drew attention. According to an analysis by Bloomberg Economist Selva Baziki, the Turkish Lira was the only currency to lose value against the dollar during this period.

The US Dollar lost approximately 10 percent of its value throughout the year against a basket of major currencies. The Dollar Index, which was at the 108 level at the beginning of 2025, fell to 97.75 by the end of the year. This weakness is expected to continue in 2026, and the Federal Reserve's interest rate cuts are being closely monitored.

Currencies of emerging market countries generally gained value against the dollar. The Russian Ruble gained 44.77 percent, the Hungarian Forint 19.90 percent, the Czech Koruna 17.97 percent, the Polish Zloty 15.27 percent, the Bulgarian Lev 13.95 percent, the Israeli Shekel 13.89 percent, the South African Rand 13.06 percent, the Romanian Leu 11.37 percent, and the Icelandic Krona 10.92 percent.

However, the Turkish Lira remained outside this general trend, losing 17.45 percent of its value since the beginning of 2025. This situation stands out as a notable exception in the weak dollar narrative.