The Turkish Lira at Its Strongest Level in Two Weeks Against The Dollar

On Tuesday, August 17th, the Turkish lira touched its strongest level against the US currency in nearly two weeks after investors’ concerns about a possible further easing in monetary policy eased.

The lira reached 8.39 against the dollar, rising from a closing level of 8.4550 on Monday.

Last week, Turkey’s central bank kept its key interest rate steady at 19%, reiterating its pledge to tighten policies in the face of high inflation.

Despite its gains since last week, the lira is still down more than 11% since the start of the year.

Traders said that the decline in oil prices and the recovery of tourism revenues are also contributing to determining the path that the lira will follow.