100 USD to Turkish Lira in 2019
In 2019, the world economy was experiencing a mix of growth and uncertainty, and the foreign exchange market was no exception. The Turkish Lira (TRY) was one of the currencies that saw significant fluctuations against the US Dollar (USD) throughout the year.
Exchange Rate in 2019
The exchange rate between the USD and TRY in 2019 varied from a low of 5.55 TRY per USD in January to a high of 6.95 TRY per USD in August. The average exchange rate for the year was around 6.15 TRY per USD.
100 USD in Turkish Lira in 2019
If we take the average exchange rate of 6.15 TRY per USD, we can calculate the value of 100 USD in Turkish Lira as follows:
100 USD x 6.15 TRY/USD = 615 TRY
However, if we consider the fluctuation in exchange rates throughout the year, the value of 100 USD in Turkish Lira would have been:
- 555 TRY in January (low exchange rate)
- 695 TRY in August (high exchange rate)
Reasons for Fluctuation
The Turkish Lira was affected by various economic and political factors in 2019, leading to the fluctuations in its exchange rate against the USD. Some of the key reasons include:
Geopolitical Tensions
The ongoing conflict in Syria and tensions with the US and EU led to a decline in investor confidence, causing the Lira to weaken.
Inflation and Interest Rates
High inflation rates in Turkey (above 20% in some months) and changes in interest rates by the Central Bank of Turkey affected the Lira's value.
Trade Wars and Economic Uncertainty
Global trade wars and economic uncertainty also impacted the Lira's exchange rate, as investors sought safe-haven currencies like the USD.
Conclusion
In conclusion, the exchange rate between the USD and TRY in 2019 was marked by significant fluctuations, affecting the value of 100 USD in Turkish Lira. Understanding the reasons behind these fluctuations can provide valuable insights into the complexities of international finance and economics.
