Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

US dollar extends gains, sets new record high against Turkish lira at 3.10

by Daily Sabah

ISTANBUL Oct 13, 2016 - 12:00 am GMT+3
Reuters File Photo
|Reuters File Photo
by Daily Sabah Oct 13, 2016 12:00 am

The U.S. dollar continued its rally the Turkish lira on Thursday, setting a new record high at 3.1055 early in trading hours.

The parity rate broke its all-time high record with 3.0974 in Wednesday afternoon, and started Thursday at 3.09 level.

The previous record for the parity rate was reached on July 20 with 3.0970, right after Standard & Poor's decreased Turkey's credit rating due to the July 15 coup attempt.

The rise in dollar throughout the week was accelerated by Prime Minister Binali Yıldırım's announcement that the Justice and Development Party's (AK Party) proposal regarding the presidential system will shortly be announced to the public, causing the rate to climb from 3.0810 early in the day to 3.0974 by the afternoon.

The combination of Parliament approving Tuesday the Cabinet's three-month extension of the state of emergency introduced after the post-July 15 coup attempt, Moody's decision to downgrade Turkey's credit rate in late September and expectations of further interest rate cuts from Turkey's Central Bank (CBRT) have already put pressure on the TL-dollar rate, affecting the Turkish currency negatively.

The decrease of the pound against the dollar and fears about yuan's depreciation amid slumping Chinese exports had been external factors increasing the demand for U.S. dollar.

The euro also extended gains, reaching as high as 3.4180 level.

  • shortlink copied
  • Last Update: Oct 13, 2016 12:05 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    homepage
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    24 hours through the eyes of a child scavenger in India
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021