Turkish lira hits new low against USD

The Turkish currency lira hit a fresh record low against the U.S. dollar on Tuesday, trading at over 33 liras per dollar, reported Xinhua.

At 12:37 p.m. local time (0937 GMT), the Turkish currency hit 33.01 liras per dollar, before stabilizing at 32.96 liras in the afternoon.

Throughout the day, the Turkish lira depreciated by 0.13 percent against the dollar. It has decreased by approximately 11 percent since the start of the year.

According to the latest Market Participants Survey on exchange rates, forecasts indicated that the Turkish currency would decrease to 37.75 liras against the dollar by the end of the year.

All attention is currently focused on the Turkish Central Bank as it prepares to announce its interest rate decision on Thursday, with economists unanimously predicting that the policy interest rate will remain unchanged at 50 percent.

In May, the bank kept its interest rate unchanged at 50 percent, in line with market expectations.

Türkiye has long been grappling with persistently high inflation, which hit 75.45 percent in May, prompting the government to take a series of measures, including a tight monetary stance and a high interest rate.