BIST 100 99.677 % 1,76
USD/TRY 5,3409 % 0,34
EUR/TRY 6,0708 % 0,26
Piyasalar
99.677
% 1,76
5,3409
% 0,34
6,0708
% 0,26
1,1360
% -0,08
18,09
0,05
1.282,91
% 0,19
60,84
% -3,03
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Factors that drive Turkish lira underperformed

While emerging market currencies took a hit by dollar this week, the Turkish lira has been hit harder

Factors that drive Turkish lira above 3,06
05 10 2016, 15:48

Turkey’s currency has weakened above 3,06 against the dollar as it continues its gradual decline since last week in parallel with global strength of the U.S. currency.

In addition to increasing pressure from a sell off across emerging markets, there are several factors that caused lira to underperform compared to other EM currencies.

Firstly foreign investors’ withdrawal after Moody’s rate cut that came on Sept. 24 has started to take its toll on the market. Moreover, extension of state of emergency by three more months raised jitters among investors.

And thirdly, lower-than-expected inflation data announced on Oct. 3 has been perceived as giving more leeway to monetary policy makers to cut borrowing costs this month.

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