Turkish lira hits new all-time low

The Turkish lira exchange rate on Thursday updated a historical low with the dollar surging to 18.38 lira, Report informs, citing the auction data.

The dollar rose to 18.36 lira from the previous close of 18.32 lira per dollar. Earlier in the course of trading, the dollar rose above 18.38 lira per dollar, which is a historical maximum.

The American currency again beats records against the Turkish lira following the Fed's decision to raise the base interest rate by 75 basis points.

Later on Thursday, the Turkish Central Bank will publish a decision on the interest rate. According to Bloomberg, most analysts believe that the regulator will cut the rate by 100 basis points, to 12% per annum, which could be the second cut in 2022.