US Dollar TL rate surpasses 32 for the first time in history
The exchange rate of the US Dollar to Turkish Lira (TL) has surged, reaching above 32 TL for the first time in history. Meanwhile, despite a widening gap between the exchange rates in the Grand Bazaar (Kapalıçarşı) and interbank transactions in recent days, the rates managed to stabilize towards the end of the day yesterday. So, how much is the Dollar to Euro exchange rate, and what is the latest Dollar rate?
With expectations of a rise in the Dollar price following the local elections scheduled for March 31, demand for the Dollar has been increasing in recent weeks, leading to an acceleration in the rise of foreign exchange rates. During today’s transactions, the Dollar reached above 32 TL for the first time in history, while the Euro price surged towards the 35 TL mark.
All-time high for the Dollar
Yesterday, at the closing time of the Turkish markets, the Dollar was at the level of 31.6433 TL, starting the new day at 31.7188 TL. After the opening, the exchange rate rose to 32.0357 TL, pushing the record level above 32 TL. By the closing time of the markets at 17:30, the Dollar was moving at 31.7526 TL, marking a 0.51% increase.
Today (as of 08:42) dollar TL rate is 31.83.
The gap widens again
While the exchange rate gap between the interbank and Grand Bazaar transactions approached 5% during yesterday’s transactions, it reduced to 2% towards the closing. It’s noteworthy that the exchange rate gap, which reached up to 10% during the general elections in 2023, has widened again as the local elections approach.
Experts point out that the widening gap in exchange rates is due to the shift in public demand for foreign currency from digital to physical Dollars, and they believe it could normalize within a few days.
