Dollar/TL exchange rate has updated the record

17:47 - 8.10.2021


October 8, Fineko/abc.az. The US dollar/TL exchange rate updated the record, reaching 8.9728 before the data on employment in the U.S. to be published on Friday.

Before the U.S. employment data was released, the monetary units of developing countries had fallen in price, with the Turkish lira falling the most – more than 1%.

The main information that the Fed focuses on for the securities purchase reduction calendar is employment. Fed chairman Jerome Powell said that the Fed may begin to reduce purchases of securities (bonds) this year if employment continues to grow steadily.

A reduction in purchases of securities and an increase in interest rates in the U.S. may lead to increased pressure on the currencies of developing countries.

The fall of the Turkish lira has also affected the news about the decline in the confidence of Turkish President Recep Tayyip Erdogan in the chairman of the Central Bank Shahap Kavjioglu.

It should be noted that Kavcioglu, speaking at the meeting, said that the growth of the exchange rate was associated with the strengthening of the US dollar, as well as with the growth of the dollar in the countries that raised the percentage.

 

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