Economy
US dollar hits new high against Turkish lira
Dollar/lira exchange rate hits 3.7779 mark, marking new low for Turkish currency
Fatih Erkan Doğan |
10.01.2017 - Update : 10.01.2017
Ankara
By Fatih Erkan Dogan
ANKARA
The U.S. dollar rose to 3.7779 against the Turkish lira early Tuesday as the currency slumped to a further record low.
The dollar/ lira exchange rate rose 1.4 percent compared to Monday's close of 3.7245, pushing the dollar's overall appreciation against the lira so far this year to more than 7 percent.
On reaching 3.7779, the rate retreated slightly to 3.7580.
On Monday, the dollar advanced to a high of 3.7449 against the lira -- the highest since the new lira was introduced in a 2005 revaluation -- amid anxiety in the domestic market over proposed constitutional changes.
Analysts believe the debate on constitutional reform, including a shift to a presidential system, will steer the market’s course in the near-term.
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