Turkish Lira hit record low against foreign currencies

The Turkish Lira has continued its downward slid against foreign currencies as the Dollar reach 9.96TL on Thursday.

The dollar/TL, which saw it's lowest at 9.7269 and the highest at 9.8761 on Wednesday completed the day at 9.8434, 1.14 percent above the previous closing.

After reaching its peak of 9.9676 today (Thursday), the Dollar/TL later traded at 9.9567 with an increase of 1.2 percent compared to the previous closing level as of 11.35pm on Wednesday.

In the same time, Euro/TL gained 1.2 percent and traded at 11.4343.

While the dollar index increased by 1 percent to 94.85 on Wednesday, reaching the highest level since July 2020, it is currently at 95 with an increase of 0.1 percent as it continued its upward trend on Thursday.

Analysts noted that after the inflation data announced on Wednesday in the USA which reached the highest level in 31 years, concerns that the interest rate hike would be earlier than expected increased the global dollar demand.