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USD/TRY is the abbreviation for the US Dollar and Turkish Lira pair. It shows how much the USD (base currency) is worth as measured against the TRY (counter currency). For example, USD/TRY = 3.601 indicates that one US Dollar can buy 3.601 Turkish Liras.
FXEMPIRETurkish lira…And down it goesMarios Athinodorou2 weeks agoThe recent history for the Lira says that in January of 2005, after a devastating fell of the currency a new version of the Turkish Lira was issued.Lira’s value fell so dramatically that the conversion was $1 to 1.5 million TRY.As the Turkish economy mostly relies on quick short term profits on higher interest rates that make the currency very sensitive on any global economy headwinds and the subsequent risk off environment may lead to massive depreciations of the Lira.Although the nation wishes Turkey to join the Euro Zone, political conditions in Turkey and economic issues in the EU continue to delay the process.After the rating agencies reveled on Tuesday the possibility that Turkish President Tayyip Erdogan will pull back the levers and tighten more the monetary policy the Turkish lira tumbled again to a fist time low of about 4.8449 per USD in early Asian trade on Wednesday according to investing.com.After the aggressive political decision of Turkish President and the uncertainty that governs the country we can clearly see that the aftermath of those decisions may possibly further depreciate the Turkish Lira.Although the Turkish economy might not be in a favor of the home currency, traders and investors may take the opportunity to further hit the lira with a tsunami of sell off and creating a further depreciation of the currency.
FXEMPIRETurkish lira…And down it goesMarios Athinodorou2 weeks agoThe recent history for the Lira says that in January of 2005, after a devastating fell of the currency a new version of the Turkish Lira was issued.Lira’s value fell so dramatically that the conversion was $1 to 1.5 million TRY.As the Turkish economy mostly relies on quick short term profits on higher interest rates that make the currency very sensitive on any global economy headwinds and the subsequent risk off environment may lead to massive depreciations of the Lira.Although the nation wishes Turkey to join the Euro Zone, political conditions in Turkey and economic issues in the EU continue to delay the process.After the rating agencies reveled on Tuesday the possibility that Turkish President Tayyip Erdogan will pull back the levers and tighten more the monetary policy the Turkish lira tumbled again to a fist time low of about 4.8449 per USD in early Asian trade on Wednesday according to investing.com.After the aggressive political decision of Turkish President and the uncertainty that governs the country we can clearly see that the aftermath of those decisions may possibly further depreciate the Turkish Lira.Although the Turkish economy might not be in a favor of the home currency, traders and investors may take the opportunity to further hit the lira with a tsunami of sell off and creating a further depreciation of the currency.
