The Turkish currency, the lira, has hit record lows against the US Dollar, with the USD/TRY pair nearing the 34.0000 mark on Tuesday. This comes as the Central Bank of the Republic of Turkey (CBRT) decided to keep its One-Week Repo Rate at 50.00% during its latest meeting, in line with expectations.
USD/TRY has been on an upward trend, posting gains for the fifth consecutive day. The CBRT’s decision to maintain its restrictive stance has further weakened the lira, with the bank emphasizing the need for a significant and sustained decline in inflation before considering any policy changes.
Since 2022, USD/TRY has closed in the negative territory only three times, with the lira losing around 165% of its value against the US Dollar during this period.
What to Watch for in USD/TRY
Currently, USD/TRY is trading at 33.8716, with the next resistance level at the all-time high of 33.8737 recorded on August 20. On the downside, key support levels include the 55-day Simple Moving Average at 32.9085, followed by the weekly low of 32.7623 and the July bottom of 32.4595.