The Turkish lira hit a new historic low at the start of trading on Monday. The dollar exchange rate against the Turkish lira (USD/TRY) jumped by 0.79%, reaching 29.1292 lira. This jump occurred at 2 a.m., but two minutes later the dollar fell to a level below 29 lira (28.9406).
The recovery of the Turkish currency was observed against the background of the publication of new data on inflation in Turkey. According to the state statistical agency, annual consumer price inflation in November was 61.98%, which is slightly better than the projected level of 62.6%. This is the highest figure in the last 11 months.
Monthly inflation also turned out to be better than forecasts, amounting to 3.28% against the expected 3.9% and 3.43% in October.
Despite this data, over the past 12 months, the dollar's exchange rate against the Turkish lira has increased by about 55%. Six consecutive interest rate hikes by the Central Bank of Turkey have failed to ease the pressure on the currency.
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