While there was a limited retracement in the Dollar index, the Dollar/TL rate continued its upward trend on the second trading day of the week. The exchange rate increased by 2.78 percent to 27.25, which was recorded as a record level during the day. Likewise, an increase was observed in the Euro/TL rate and the highest level was recorded as 30.38 during the day.
While Turkey’s benchmark bond rate is at the level of 15.56 percent, the risk premium is determined as 444 basis points. This indicates that investors are facing some anxiety in the markets.
Considering the upward momentum in the Dollar/TL, investors and market players are eagerly awaiting the Central Bank of the Republic of Turkey (CBRT) interest rate decision to be announced on Thursday. The messages that the bank will give along with the interest rate decision will also be followed closely. Experts warn that any change in interest rates by the CBRT may cause volatility in the markets.
The rise in the dollar/TL rate is affected by global developments as well as economic factors. Investors carefully follow the general trends in foreign exchange markets and developments in international relations.
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