While the dollar falls globally, it races toward a record in Turkey
As the dollar weakens in global markets, the Dollar/TL exchange rate hit a historic high of 47.58. The Euro/TL rate climbed to 54.94, nearing the 55 TL mark.
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On a day when the US dollar lost value in global markets, the rise in foreign exchange rates continued domestically. The Dollar/TL rate reached an all-time high, touching 47.58.
While markets are monitoring expectations that the Central Bank of the Republic of Turkey (TCMB) is attempting to limit the rise in the exchange rate through reserve sales, the continued upward movement of the currency has drawn attention.
On the global front, developments regarding diplomatic contacts between the US and Iran, along with a decline in oil prices, have strengthened expectations that inflationary pressures may ease. Investors' focus on employment data, which could provide signals regarding the US Federal Reserve's (Fed) monetary policy, has also exerted pressure on the dollar.
With this outlook, the dollar index began the day with a decline, falling to 99.786 points. The index's loss in value over the last month was recorded at 1.06 percent.
The rise in Euro/TL also continued. The rate climbed to 54.94, approaching the psychological threshold of 55 TL. The British Pound/TL was trading at 64.08. Foreign exchange markets continue to hover near record levels.