Dollar down 3 pct to Turkish lira this week


The dollar dropped below TL 2.90, losing 3 percent of its value in a week with the expectation of a postponement of an interest rate hike by the U.S. Federal Reserve (Fed) rising after the meeting minutes of the Federal Open Market Committee's (FOMC) were announced.The dollar weakened against currencies of developing countries with the expectations of the Fed's interest rate hike in the first quarter of 2016 rising after the FOMC meeting minutes were disclosed near the closure of markets in the U.S. last evening. The dollar started the day at TL 2.94 in domestic markets and pursued a fluctuating trend between TL 2.92 and TL 2.95 during the day. With the release of the FOMC meeting minutes, it declined in international markets and dropped down to TL 2.8909. Dollar-lira parity, which hit the lowest level of 2.8909 since Aug. 20, is balanced at 2.905 at present. Analysts suggest that parity, which lost 3 percent of its value over the past week, is in a supportive position, and the influence of rising reactions might be decisive in its direction.Following a drop to TL 3.2594, one euro is being sold for TL 3.275 at the moment. The dollar index fell from 95.61 to 94.98 following the disclosure of the FOMC meeting minutes. Analysts say if dollar-lira parity closes below 2.90, levels between 2.875 and 2.858 will be followed in the key supportive position, and if it arouses reactions it will be followed in the resistive position.