The US Dollar has reached a new record against the Turkish Lira, with the USD/TRY exchange rate hitting 47.73 TL. This increase occurred despite interventions by the Central Bank of the Republic of Türkiye (TCMB).
USD/TRY exchange rate as of 09:30
The USD/TRY rate was trading at 47.7380 TL as of 09:30, representing a 0.1% increase compared to the previous close. The TCMB had previously announced the effective USD/TRY rates as 47.5927 for buying and 47.7834 for selling, while another set of effective rates was recorded at 47.4896 for buying and 47.6799 for selling.
The Euro also saw upward movement against the Lira. Reports on the EUR/TRY exchange rate varied slightly, with levels reported at 55.1080 TL, 55.1414 TL, and 55.15 TL. The 55.1080 TL rate represents a 0.1% increase from the previous close.
The British Pound also reached a historic peak, with the GBP/TRY exchange rate hitting 64.56 TL. Other market data showed the GBP/TRY rate trading at 64.5220 TL.
Global market drivers and US Treasury yields
Global asset pricing continues to be influenced by developments between the US and Iran and energy price trajectories. Uncertainties regarding the Strait of Hormuz are maintaining upward momentum in oil prices.
In US markets, the 10-year Treasury bond yield rose by approximately 6 basis points to reach 4.71%. The US Dollar Index (DXY) was reported at 99.8, though some data points indicated it retreated to 99.770 points.
Interest rate hikes, including many to reduce inflationary pressures, would be necessary.
Market expectations suggest a 75% probability that the US Federal Reserve (Fed) will end 2026 with an interest rate hike decision. Beth Hammack stated that interest rate hikes would be necessary to reduce inflationary pressures.
Currency parity data
Currency parity data from last night showed the EUR/USD parity at 1.1549, the GBP/USD parity at 1.3518, and the USD/JPY parity at 159.0. Additionally, the USD/TRY rate was noted at 47.6260 for buying and 47.7118 for selling.
