Dollar Exchange Rate Continues to Fall

Dollar Exchange Rate Continues to Fall The dollar Exchange rate continues to fall. The exchange saw the level of 7.4963 TL on the first business day of the week. The first business day of the new week started profitable for Turkish Lira. TL opened the week with a rise against the dollar rate. After the interest rate increase decision of Central Bank of the Republic of Turkey (CBRT), decline in the foreign exchange rates began. The USD / TL exchange rate dropped from around 7.70 to 7.55 levels, closing the week at 7.5529. The CBRT increased the policy rate from 15 percent to 17 percent, with an increase of 200 basis points, which was higher than the expectations. The dollar / TL exchange rate, which continued to fall on Monday, December 28, reached the level of 7.4963. Following this level of dollar / TL rate was traded on 7.4985 level. On the other hand, the Euro / TL exchange rate was at 9.1698, while the currency basket fell to 8.3329. In addition to the domestic markets, it is observed that the dollar is weakening in global markets. In particular, the package of support for the economic effects of the coronavirus in the US was finally signed today. The elimination of this uncertainty also caused the dollar to weaken and the gold to rise. Last week, US President Donald Trump described the $ 600 cash aids that will be given to the citizens as "disgrace" and demanded that this amount to be increased to $ 2,000. However, despite Trump's request, Republicans rejected this offer. Trump approved the current package offer today, as a result of reactions from many circles, including Joe Biden.