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The Decline in the USD/TL Rate Continues

The decline in the USD/TL rate continues. Dollar/TL rate, which rose by 20 percent in 2020 and reached record levels, started the new year with a decline.

The Decline in the USD/TL Rate Continues
Yazar: Müzeyyen D

Yayınlanma: 6 Ocak 2021 20:12

Güncellenme: 18 Kasım 2024 13:07

The Decline in the USD/TL Rate Continues The decline in the USD/TL rate continues. Dollar/TL rate, which rose by 20 percent in 2020 and reached record levels, started the new year with a decline. The exchange rate, which fell by about 1.5 percent in the first week of 2021, continues to push the 7.30 levels downward as of now. If support is broken, it is expected to reach 7.10 levels. The harsh measures of the Ministry of Treasury and Finance and the Central Bank, whose management was changed towards the end of 2020, enabled the support of TL assets despite the increase in inflation and current account deficit. In addition, TL assets, which are behind the weakness in the dollar and the high risk appetite in global markets, continued to increase on a weekly basis this week. In the middle of the second week of 2021, the dollar rate dropped to 7.33, declining 0.75% on a daily basis. Not only on a currency basis; With the positive progress on the stock market, bonds and CDS sides, TL ranked second just after the ruble in developing countries' currencies.   Elements that support the TL's recovery:
  • 5-Year CDS USD, to be close to 300 bp base - despite the limited increase
  • 35 5% annual decline of bond yields in Turkey,
  • Record refreshment of the BIST 100 index with 1.509 points.
    Source: Investing.com
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