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Turkish lira gains strength against U.S dollar

27th November 2018



Turkish Lira gains strength against U.S dollar.

The Turkish Lira stands at 5.35 to the U.S dollar today, a big improvement gaining  1.3% in value.   A four month high.

Last week, the U.S. dollar lost 0.11 % of its value and closed the week under 5.29 against the lira.

The euro/TL exchange rate also shed some 1.3 % and retreated to 5.3.

The drop in oil prices had a positive effect on the lira as Turkey is a major oil importer.

In August the U.S dollar hit an all-time high against the Turkish Lira at 6.89.  This was mainly due to the situation between Washington and Ankara over the detention of Pastor Andrew Brunson on terror charges.

Since his release in October relations between the two countries have remained on a more positive course.  There was a U.S waiver for Turkey in oil imports from Iran.

The Turkish Lira appears to be creeping up in strength again.

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