On the Moscow Stock Exchange, the Turkish lira has surged into the ranks of the most traded currencies for tomorrow delivery, signaling a notable shift in short‑term liquidity. Kommersant reports that the lira climbed into the top five by turnover last week, with activity surpassing 2.4 billion rubles, based on platform data. This figure marks a strong weekly gain and underscores renewed interest in the lira within the Russian market.
During the week, the total turnover for tomorrow delivery in the Turkish lira exceeded 2.4 billion rubles, up about 60% from the previous week and representing the second‑highest level of activity for this currency in four years. For the week ending September 16, 2022, trades reached a peak of 3.5 billion rubles, illustrating the volatility and potential of the lira in leverage or hedging strategies available to market participants.
The rise in lira activity is attributed to several drivers. Among the most influential is a decline in the volume of major deals involving other leading currencies, notably the dollar and the euro. Analysts suggest that reduced activity in traditionally dominant currencies opens room for alternative currencies to gain traction in the daily liquidity mix.
From the week’s data, the combined turnover for tomorrow deliveries across the dollar, euro, yuan, Hong Kong dollar, Kazakh tenge, and Belarusian ruble reached 856 billion rubles, which is about 3% lower than the prior week. In this environment, the Turkish lira emerged as a top five currency by transaction volume, even surpassing the Hong Kong dollar in fifth place. These dynamics reflect shifting preferences among traders seeking to diversify exposure and exploit relative value in a changing global funding landscape.
In a broader context, financier Nouriel Roubini, who warned of systemic risks in 2008, has remarked that escalating geopolitical frictions between the United States and China could influence the standing of the U.S. dollar. He has argued that a prolonged period of dollar dominance may pose risks for developing economies, with domestic US conditions such as inflation playing a role in currency valuations. The discussion highlights how currency hierarchies can shift when investors reassess risk and shelter assets in currencies perceived as offering different risk‑reward profiles.