1 Turkish Lira (TRY) to US Dollar (USD) Exchange Rate
The Turkish Lira (TRY) is the official currency of Turkey, and it is widely used in international trade and commerce. The US Dollar (USD), on the other hand, is the most widely traded currency in the world. In this article, we will explore the exchange rate between 1 Turkish Lira (TRY) and the US Dollar (USD).
Current Exchange Rate
As of the current market rate, 1 Turkish Lira (TRY) is equivalent to approximately 0.13 USD. This exchange rate is subject to fluctuations based on various economic and political factors.
History of the Exchange Rate
Over the past year, the exchange rate between TRY and USD has experienced significant volatility. In 2022, the TRY reached an all-time low of 1 TRY = 0.09 USD, while in 2023, it peaked at 1 TRY = 0.15 USD.
Factors Affecting the Exchange Rate
Several factors affect the exchange rate between TRY and USD, including:
- Inflation: Turkey's high inflation rate, which has been above 10% in recent years, can lead to a depreciation of the TRY against the USD.
- Interest Rates: Changes in interest rates set by the Central Bank of the Republic of Turkey (CBRT) can influence the exchange rate.
- Trade Balance: Turkey's trade deficit, which is largely financed by foreign capital, can impact the exchange rate.
- Geopolitical Events: Political tensions between Turkey and the United States can affect investor confidence and, subsequently, the exchange rate.
Conclusion
The exchange rate between 1 Turkish Lira (TRY) and the US Dollar (USD) is influenced by a range of economic and political factors. Understanding these factors can help investors and traders make informed decisions when engaging in foreign exchange transactions.
