US dollar tumbles against Turkish lira following turbulent week

The U.S. dollar decreased to as low as 2.545 during Monday, lowest of the last three weeks, despite a brief but sharp increase to 2.59 in the early morning. It had started the week at 2.57 against the Turkish lira.

As Fitch Ratings affirmed Turkey's credit note at BBB-, and its outlook as stable, late on Friday, the U.S. dollar decreased following the revelation of another uncertainty which is pressuring the currency rate. A six-year-low in consumer confidence data caused a hike in the early morning up to 2.59 but the rate has gradually decreased since then. The decrease of the U.S. dollar was also triggered by St. Louis Federal Reserve chair James Bullard's statement in which he pointed to an end in the increase in the dollar in the near future.