As Ben Bernanke’s eagerly awaited policy statement continues to make an impression on global markets, the Lira declined to a record low against a broadly strengthening US Dollar.
At the current Exchange Rate one US Dollar is worth 1.9190 Turkish Lira as of 11:40 GMT
Bernanke’s assertion that the Fed will start to reign in QE if the US economy continues to improve (with easing potentially stopped altogether by the end of next year) prompted one industry expert to state: ‘Emerging markets could weaken further from here. The suggestion that the Fed might finish the quantitative easing programme by mid-2014 will probably be the focus for many investors’.
The Lira hit a low of 1.9320 against the US Dollar
The bonds and shares of emerging markets like Turkey slumped following Bernanke’s pledge, with Turkish assets falling most of all.
After shedding 1.4 per cent against the US Dollar the Lira is now in line to post a monthly decline of 2.8 per cent.
In reaction to the Lira’s tumble currency expert Jerome Broex asserted: ‘Today, the central bank wasn’t able to cope with the Dollar. But it may intervene in the market over the following days.’
Additional movement in the USD/TRY pairing may result from today’s US news, including initial jobless claims and existing home sales data.
Current Turkish Lira (TRY) Exchange Rates
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The Turkish Lira/Pound Sterling Exchange Rate is currently in the region of: 0.3366 <
The Turkish Lira/Euro Exchange Rate is currently in the region of: 0.3966 >
The Turkish Lira/ US Dollar Exchange Rate is currently in the region of: 0.5260 <
The Turkish Lira/Japanese Yen Exchange Rate is currently in the region of: 50.7325 >
The Pound Sterling/ Turkish Lira Exchange Rate is currently in the region of: 2.9607 >
The Euro/Turkish Lira Exchange Rate is currently in the region of: 2.5346 >
The US Dollar/Turkish Lira Exchange Rate is currently in the region of: 1.9190 >
The Japanese Yen/Turkish Lira Exchange Rate is currently in the region of: 0.0197 <
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