US dollar reaches 2.77 against Turkish lira, highest since early June

After the recent bombing in Suruç along with airstrikes targeting the PKK and the self-proclaimed Islamic State of Iraq (ISIS), the U.S. dollar reached 2.77 against the Turkish lira, the highest level since June 9, 2015.

Last week, the Central Bank of the Republic of Turkey (CBRT) lowered the dollar deposit rate 0.5 percentage points to stabilize the currency's surge on airstrikes targeting ISIS in Syria and speculation regarding a high possibility of a November election among political figures in Turkey.

"Due to recent global and local developments, the USD deposit rate at one-week maturity has been reduced from 3.5 percent to 3 percent," the CBRT said in a statement.