USD/TRY: Lira slides for seven straight weeks as Turkey's FX reserves slide
|Turkey's lira (TRY) has taken a beating over the past seven weeks, with the nation facing a balance of payment crisis, high inflation, and geopolitical tensions.
The TRY fell by 1% to 7.93345 last week, the seven consecutive weekly decline. The currency is now down nearly 33% this year and has declined by 8% in the past seven weeks alone.
"Turkey is burning through its foreign exchange reserves like a house on fire," Prof Steven Hanke, an Economist at the Johns Hopkins University in Baltimore, tweeted Sunday, adding that reserves have tanked by almost $10 billion to $41.12 billion since July.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.