Dollar prices surpassed the critical threshold of TRY 30, pushing up an all-time high. Euro prices tested above TRY 33 again, renewing its historical peak.
Despite the rate hikes by the Turkish Central Bank since June, both the dollar and euro steadily climbed against the Turkish Lira.
On the fourth trading day of the week USD/TRY parity reached 30.0098 in the early hours. As of 10:23 local time USD was at TRY 29.98.
EUR/TRY reached a new all-time high at 33.1077 on Thursday. Pound/TRY on the other hand reached 38.47 in the morning session.
CBRT Governor Hafize Gaye Erkan will make a presentation for foreign investors in New York today for the Investor Day meeting where more than 200 senior representatives from the world’s largest mutual funds are expected to attend. Treasury and Finance Minister Simsek will be attending the meeting online as well. Markets also await a Moody’s credit rating decision for Turkey this week.
Ahead of the US CPI data, the dollar index declined on Thursday by 0.16 to 102.20. The dollar slid through the latter months of 2023 against major currencies as the Federal Reserve indicated it was finished with rate hikes and traders priced in steep cuts.