Dollar hits 6-month-low against Turkish lira

Published 29.04.2016 20:10
Updated 29.04.2016 20:11

The dollar has almost fallen below the 2.80 level, deemed the "psychological limit" in Turkey, opening at 2.8005. While markets are having difficulties finding their direction within the country, the dollar fell below TL 2.81 on the last day of the week.

Though the dollar found its buyers at TL 2.8080 on the Borsa Istanbul stock exchange when transactions began, it periodically dropped to TL 2.8005. The dollar-Turkish lira parity hit 2.8005, the lowest level in more than 6 months. Having dropped to 2.8055 following United States growth data remaining below expectations, the dollar completed the day at the 2.8135 level. Starting the day in the vertical level in the Asian Markets on Friday, the dollar-Turkish lira parity dropped to 2.8005, its lowest level since Nov. 2, 2015, with its rapid decline following the breaking of the 2.8070 level depicted as "the support" by analysts. As the dollar index declines to the lowest level seen in the past eight months today, other currencies and commodities maintained their upward trend.

According to analysts, the dollar's constant loss of value in global markets is due to growth expectations maintaining the level below the expectations in the U.S. and the Bank of Japan's changing monetary policy position. Indicating that the dollar-Turkish lira parity may hit 2.77 in the event it does drop below 2.80, analysts also suggest that during the possible increases, 2.82 may become the resistance point.

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