US-dollar rate shrinks to 3.45 liras in Turkey

Baku. 28 August. REPORT.AZ/ The US-dollar rate fell to 3.45 TRY in Turkey. 

Report informs, it was caused by the depreciation of US dollar in global currency market.

Notably, US-dollar rate started to fall straight after the speech by US Federal Reserve System (Fed) chair Janet Yellen at the Jackson Hole Economic Policy Symposium on Friday, August 25. Thus, Yellen did not address the country's economic prospects and monetary policy prospects during her speech. This made the investors uncertain about the date and the prospects for increase in FED’s rate.

Notably, the TRY/USD rate is currently at the level of 3,48080. Analytical Group of Report believe, the downward trend in the exchange rate would be temporary, and the US-dollar would rise again by the year end.

In this way, Turkey's already high foreign trade deficit is increasing and has a serious negative impact on the balance of payments.