Turkish lira reaches historic low

The dollar exchange rate against the Turkish lira reached 36.0015 liras for the first time on February 3 afternoon following the release of statistics and amid the strengthening of the US currency in global markets, Report informs, CITING trading data.

Subsequently, the dollar exchange rate against the Turkish lira increased by 0.83% to 35.9931 liras per dollar from the previous closing level of 35.6977 liras. The dollar has been appreciating against the lira every month from June last year through January. On the first trading day of February, the dollar-to-lira exchange rate is also rising.

Earlier on February 3, the Statistics Institute (TUIK) reported that annual inflation in Türkiye in January was 42.12%, which was higher than the forecast of 41.25%. At the same time, the dollar is appreciating against world currencies amid concerns about US trade policy. President Donald Trump signed orders over the weekend to impose tariffs on goods from Canada, Mexico and China. Trump's orders also provide for increased tariffs in case any country implements retaliatory measures.