How did the dollar and euro start the day on March 28, 2024?

The depreciation of the lira against the dollar and the euro continues. The dollar/TL started the day at 32.311, while the euro/TL started at 34.969. Until the elections, the foreign exchange rates, suppressed by the Central Bank’s backdoor sales and off-market regulations, were released after the May 28 elections.

Before the election, the dollar/TL, which was trading below 20, had exceeded 23 a week later. The dollar/TL, which had stabilized between 23.4 and 23.6 until the Central Bank’s meeting on June 22, rose again to over 25 after interest rates did not increase enough.

Similarly, the euro/TL, which was below 21.5 before May 28, had surpassed 25 about a week after the election. The exchange rate, which had stabilized between 25.6 and 25.8 until the Central Bank’s interest rate decision in June, had exceeded 27 after the interest rate decision. Exchange rates continue to rise, albeit fluctuating.

The dollar/TL is currently (at 9:00) progressing at the level of 32.311. The euro/TL is also currently progressing at the level of 34.969.