How did the Dollar and Euro start the day on January 3, 2024

The depreciation of the Turkish Lira against the Dollar and Euro continues. The USD/TRY started the day at 29.789, and the EUR/TRY at 32.63.

Until the elections, the Central Bank’s (CB) backdoor sales and off-market regulations had kept pressure on foreign exchange rates, and these were released after the elections on May 28.

Before the elections (in May 2023), the USD/TRY, which was below 20, had surpassed 23 one week later. Balancing between 23.4 and 23.6 until the CB’s meeting on June 22, the USD/TRY started to rise again and exceeded 25 after the interest rates were not increased enough.

Similarly, the EUR/TRY, which was below 21.5 before May 28, had crossed 25 about a week after the elections. Balancing between 25.6 and 25.8 until the CB’s interest rate decision in June, the exchange rate had surpassed 27 after the interest rate announcement. The foreign exchange rates continue to rise, albeit fluctuating.

As of now (9:00 AM), the USD/TRY is progressing at the level of 29.789. The EUR/TRY is also progressing at the level of 32.63.