US dollar surpasses 35 level mark against Turkish lira, marking new peak
File photo shows three $100 bills fanned out. (IHA Photo)
The U.S. dollar to Turkish lira exchange rate slightly increased by 0.12% on Wednesday, reaching 35.02 and marking a new all-time high.
In the Grand Bazaar of Istanbul, exchange offices recorded trading at ₺34.98 to ₺35.06 for buying and selling. In the short term, support for the USD/TRY is at 34.92, with resistance observed at 35.08. Since the beginning of the year, the dollar has risen by 18.7%, rising by 0.9% in December alone.
In December, the U.S. Dollar Index increased from 105.75 to 106.95, contributing to the dollar’s appreciation globally. Following Republican Donald Trump’s election as U.S. president, the euro experienced a sharp decline, with the euro-to-U.S. dollar pair retracting to as low as 1.05.
Despite these fluctuations, the dollar lagged significantly behind inflation and Turkish lira deposit interest rates throughout 2024. The year is projected to close with approximately 45% inflation, while Turkish lira deposit returns exceeded 40%, and the dollar offered limited protection against both.
According to the latest data from the Central Bank of the Republic of Turkey (CBRT), foreign currency deposit accounts decreased by $3.03 billion in the week ending Dec. 6, bringing the total to $162.71 billion. Similarly, the total volume of FX-protected deposit accounts fell to ₺1.185 trillion ($33.84 billion) during the same period.
