The fall of the dollar could not save TL either

Dollar While it loses value against almost all currencies, it continues to gain value against TL. Dollar prices in the country rose to 28.7699 TL yesterday in the surface market, thus breaking its historical record. The dollar, which moved at maximum levels in the interbank market, closed the day yesterday at 28.7030 TL. While the euro tested 31.2531 TL, it completed the day at 31.2120 TL. While cooling inflation in the US accelerated the decline of the dollar, the dollar index (DXY) fell to 103, with a decrease of 1.6 percent in the last 5 days.

ONE OF THE THREE COINS

While the dollar has been losing value rapidly over the past five days, it has only been able to maintain its appreciation against the Colombian peso, the Argentine peso and the Turkish lira among the currencies of 23 developing countries. Economist Mahfi Eğilmez stated that as US inflation weakened, the expectation that the Federal Reserve (Fed) would stop interest rate increases reduced US bond interest rates, which in turn reduced the dollar demand. Economist Mahfi Eğilmez stated on the website that “the dollar/TL relationship works in the opposite direction”, attributing it to non-economic reasons.

Mahfi Eğilmez

POLITICAL INTERVENTIONS

Eğilmez said: “The market, which entered an optimistic atmosphere with the rationalization policy initiated by the new economic management together with the Central Bank, began to retreat again due to errors in the social and political fields. The most important reason for this turn is the debates created about the Constitutional Court and the political interventions that occur in all fields of law enforcement. In fact, there has been nothing else to increase the risk in recent days. “While external forces work in our favor, internal forces work against us,” he said.

The best performance is the Chilean peso.

While the dollar fell rapidly in the five days between November 13 and 17, the Chilean peso showed the best performance against the dollar among developing country currencies with a 4.55 percent increase in value. In these five days, the Polish zloty gained 2.77 percent, the Thai baht 2.60 percent, the Russian ruble 2.21 percent and the Mexican peso 2.19 percent. The five-day appreciation of the South Korean won was 2.19 percent, the Czech koruna 2.06 percent and the South African rand 1.83 percent. On the other hand, the loss in 5 days of the Colombian peso was 1.99, the Argentine peso was 1.13 percent and the Turkish lira was 0.33 percent.