May 27, 2012
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Turkish lira gaining value as dollar’s steam fades
3 August 2010 / TODAY’S ZAMAN, İSTANBUL
Dollar/lira rates have fallen to their lowest levels in three months as the dollar sustained damage in international markets from concerns over the US economy.
One dollar was being traded below TL 1.5 yesterday. Investors were estimating that it may fluctuate between TL 1.49 and TL 1.51 for some time depending on developments in global markets. An official at a bank’s forex desk, who asked to remain anonymous, said the dollar/lira rate is decreasing due to the large inflow of capital in recent weeks. In the meantime, the Turkish Central Bank announced yesterday that the amount of daily purchases of foreign currency increased by $10 million to $40 million. This was seen by investors as the central bank’s desire to intervene in the market in order to protect the Turkish lira from gaining too much value, to the detriment of the country’s industrialists and exporters.
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