Turkish Lira Historical rates
The current Turkish Lira exchange rates are as follows:
- The Pound Sterling to Turkish Lira exchange rate is trading down -0.03% at 3.56359 GBP/TRY.
- The Euro to Turkish Lira exchange rate is trading down -0.12% at 2.92596 EUR/TRY.
However, the Lira has enjoyed a renewed bout of support during recent sessions with leading analysts suggesting that the rate of domestic price rises may be about to peak and with domestic trade figures showing a pronounced improvement. Yesterdayâs session saw the slight amelioration in sentiment towards the Lira placed in jeopardy following comments from the Governor of the CBRT, Erdem Basci, suggesting that an interest rate cut may be on the cards from his Bank due to the improving inflation outlook. The top man at Turkeyâs central bank observed that the CBRTâs next move could be, âmeasured rate cuts, but we would keep a tight monetary policy stanceâ. Given these words, a renewed move towards the 3.7000 threshold remains a distinct possibility for the Pound Lira Exchange Rate (GBP/TRY).
The Pound Turkish Lira exchange rate edged slightly higher during yesterdayâs trading session, touching 3.5795 GBP/TRY during the middle part of the day. The Turkish tender has suffered a torrid few months against the other sixteen most-actively traded global currencies following a pronounced move out of TRY-denominated assets by institutional investors. January proved to be a real nadir for the Lira prompting a confirmation from Turkeyâs central bank that it would intervene in the currency markets to prop-up the TRY by selling US Dollar-denominated assets. The move which followed saw the Central Bank of the Republic of Turkey (CBRT) dump a massive US$3bn worth of holdings on the market to support the TRY.