US dollar hits 3,1270 against Turkish Lira breaking new record

As Turkey is trying to cope with several political issues both at home and in the Middle East a major blow came from foreign currency rates when dollar reached 3,1270 level against Turkish Lira. The dollar broke its previous record at 3.1055 on Oct. 13, amid debates about taking the ruling Justice and Development Party’s (AK Party) proposal of a presidential system to a referendum. Following the dollar’s rally, the Central Bank of the Republic of Turkey (CBRT) left the upper band of the interest rate corridor (marginal funding rate) unchanged for the first time in seven months at 8.25 percent at the Monetary Policy Board (PPK) meeting on Oct. 20.

Following the CBRT’s decision, the rate had a downward trend. The Turkish lira slipped to a historic low against the U.S. dollar Friday as anticipation of a rate hike from the Federal Reserve saw the American currency appreciate across the globe. The Turkish lira dipped to 3.1270 against the U.S. dollar at 8:30 a.m. GMT.

SOURCE: MEDIA