In transactions on November 7, the Turkish lira fell to 28.6 lira per dollar. This is evidenced by trading data on the site. Forex.
At the lowest levels, the lira exchange rate dropped to 28.64. As of 18.30 Moscow time, the lira managed to strengthen to 28.5 per dollar. The lira has lost more than half its value since the beginning of the year. Experts attribute the collapse to the policies of President Erdoğan, who ignored the advice of economists.
Even if the Central Bank raises the interest rate to 35 percent, inflation in Turkey may reach 68 percent by the end of the year. For comparison: in 2022 this rate was 85%. In addition to the lira, the Russian ruble and Argentine peso were among the worst-performing emerging market currencies in 2023.
Last week analysts appreciated Expectations regarding the dynamics of the Russian exchange rate in November. Experts believe that the ruble is likely to strengthen to 90 per dollar in the near future. This may be due to exporters being forced to sell their foreign exchange earnings and the dollar weakening following the US Federal Reserve’s decisions.
Previously Gref named basic ruble exchange rate.