[ad_1]
The Turkish lira rose against the dollar last week, ending Friday at its highest level since early April. Experts attributed the decline in the strength of the Turkish economy. Tensions between Ankara and Washington over the Russian missile agreement S400, which Turkey began to take over last month, have for months been a trend towards lightening monetary policies.
The lira closed the week at 5.46 against the dollar, up 0.7% from the close of 5.49 on Wednesday. The Turkish lira has increased in seven of the last ten sessions and has increased more than 11% since the beginning of May, when it fell to its lowest level this year. It rose as the US Federal Reserve was preparing to cut interest rates in recent months, putting pressure on the dollar.
However, the lira has dropped 3.5% since the beginning of this year after losing about 30% of its value during the crisis of last year, which resulted in the stagnation of the economy. of the country for the first time in ten years.
The lira has become the strongest currency among its counterparts in emerging markets since the beginning of the third quarter and has recovered its losses in a wave of sales that began in March, a week before local elections.
[ad_2]
Source link
