USD to TRY trading
The USD to TRY currency pair compares the value of one US Dollar against its equivalent value in the Turkish lira. USD to TRY typically offers global forex traders larger spreads, which can open up attractive profit-making potential for those investors who are looking to take on extra risk in order to generate higher returns.
With a volatile and turbulent history, the Turkish lira has struggled from major depreciation in its value – notably during a period of chronic inflation from the 1970s through to the 1990s. It has even ranked among the least valuable currencies in the world on occasion. The decision to revalue and reissue the lira was taken in 2005 following a dramatic decline in the value of the old Lira.
USD TRY news
In recent times, USD TRY news has been dominated by domestic economic and political events in Turkey. The Turkish economy is well-developed, with its geographical location spanning Asia and Europe proving an advantage in global trade. While the nation has access to the European common market, efforts to join the Eurozone and become a member of the EU have stalled.
The volatility of the lira continues to impact the USD TRY rate. Factors like the political decision to sack the Turkish central bank chief in July 2019 highlight this, along with its trading relations with key markets in the EU, Russia and USA. The relationship with the latter in particular will be of significance, undermining any measures and interventions to support the value of the lira.
USD to TRY chart
Our dynamic pricing engine captures mid-market rates to calculate the live time USD TRY rates and spreads. This data can be tracked by OANDA clients using our USD to TRY chart – visualizing performance over the last hour, day, week and month to help clients map out any emerging trends. Historic USD to TRY performance should not be taken as a guarantee for future performance.