USD/TRY – Live and Historical Rates
Despite the size and strength of the Turkish economy, the Turkish Lira (TKY) is not a major currency. The USD on the other hand is indeed just that. The pair that the two currencies make does not qualify as a major, or as a commodity pair. The chart presented on this page is a graphical illustration of the amount of TKY required to purchase a USD.
Having started the floating trend back in the 1970s, the USD is indeed a floating currency. That does not mean of course that it is completely unleashed from all control, like some of the other floating currencies out there. The Federal Reserve is rather strict in keeping the greenback on a leash, through the manipulation of its interest rates.
The USD is without a doubt the most important currency of the world economy. At one point, all other currencies were pegged to it in one form or another. The USD is the most traded currency in the world as well as the most popular reserve currency.
The Turkish Lira was last introduced to the world markets in 1844. Since then, its ride has been anything but smooth. It went through periods of fierce devaluation, so in 2007, a new Lira version was introduced, which set the parity with the USD to 1.26. The exchange rate has remained relatively stable since, as a result of the new monetary policies of the Turkish authorities and the strengthening of the Turkish economy. Agriculture serves as the bulwark of the Turkish economy, though manufacturing is a significant part of it too.
The difference in size between the Turkish and the US economies is obvious. Due to this fact, Turkish economic performance has a significant impact on this pair. Another factor to watch is Turkey’s political stability.
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