After the release of inflation figures, the dollar has risen above TL 3.74. Despite falling to TL 3.71 around noon, it eventually surpassed TL 3.74 again.
The exchange rate of the dollar, which has maintained its upward trend with the expectation of the U.S. Federal Reserve's (Fed) interest rate hike in March, was hovering between TL 3.71 and TL 3.75 after the morning.
The exchange rate of the dollar increased to TL 3.7359 in the initial transactions yesterday morning from around TL 3.7050 last evening. It dropped down to TL 3.7150 later.
Due to the inflation figures that were announced on Friday morning, the exchange rate rose above TL 3.74.
Following the initial reaction to the inflation figures, which went beyond expectations, the dollar continued to fall gradually and reached TL 3.71 at noon.
The exchange rate began rising again in the afternoon, reaching TL 3.7466 for a moment. Transactions in the exchange rate of the dollar were actualized at TL 3.4 after 3:30 p.m.
Meanwhile, the exchange rate of the euro is hovering around TL 3.94. It went up to TL 3.9530 during the day.
Following consecutive statements by Fed authorities that interest rates could rise this week, the possibility of an interest rate hike has risen to 74 percent toward the end of the week from 30 percent at the beginning of the week. The dollar continued to rise in global markets.
While the Turkish lira depreciated against the dollar during the week, these losses were generally above the fall of the currencies of other developing countries.
Bankers stressed that such a negative alteration might be partly due geopolitical concerns before the upcoming referendum and pointed to the developments in Syria.