Turkish Lira Rising About 1%, With The Dollar Falling to Its Lowest Level in 3 Years

The Turkish lira rose about 1% Thursday, January 7, reaching its strongest level since August 21, as the US dollar retreated to levels not seen in nearly three years.

The lira, which lost about 20% of its value last year, was at 7.25 against the dollar, up from its close level on Wednesday at 7.31. The lira had strengthened earlier, by up to 7.24.

The dollar rose on Thursday, hovering above its lowest level in nearly three years, after the Democrats won control of the US Senate, paving the way for the possibility of adopting greater fiscal stimulus under President-elect Joe Biden.