The US dollar hits new record against Turkish lira with 2.6480

The U.S. dollar/Turkish lira parity has hit 2.6480 on late Friday afternoon, breaking new record against the Turkish lira. The exchange parity had hit its highest level of 2.6470 before the meeting on 11 March between Turkey's President Recep Tayyip Erdoğan and the governor of Central Bank of the Republic of Turkey (CBRT), Erdem Başçı, over the bank's interest rate policies.

The USD/TRY exchange parity started the day with 2.5950 - 2.5990 range, but it reached 2.6440 on Friday afternoon and rose to the new record level of 2.6480.

Speculation over a possible increase in the Chinese yuan to USD parity has affected the global markets, and the rise of the dollar is not particular to Turkish markets according to banking experts.