Forecast: US-dollar can drop to 3.60 lira in Turkey

Baku. 30 January. REPORT.AZ/ US dollar short-term exchange rate in Turkey is expected to drop as low as 3.60 TRY/USD.

Report informs, last Friday two important rating agencies - S&P and Fitch released negative forecasts for Turkish economy. Thus, S&P lowered the country’s credit rating from ‘stable’ to ‘negative’; Fitch also cut earlier ‘BBB’ to ‘BB+’.

But this news appeared predictable in the market and hasn’t made any effect. That’s why the US dollar, which soared by 30% during last 3 months, started to crawl down.

This trend is expected to end at 3.60 TRY/USD in short term. US dollar exchange rate is expected to be stable until end of the year. Global economy, as well as currency, commodity and financial markets are expected to be quiet in 2017. That’s why US dollar exchange rate will not feature drastic volatility and will probably keep within range 3.60-4.10 TRY/USD”, the experts believe.