TRY Live Rates: Turkish Lira in Real Time

One of the year’s most catastrophic exchange rates and a country that will arouse great interest also in 2022. Turkey’s finances have grown at a record rate in the 2000s, but the outlook in recent years has been anything but bright – and the currency is currently classified as one of the world’s weakest. Here is more about the Turkish lira (TRY), where it can be traded and how it really is with Turkey’s economy. In addition, real-time millisecond rates are displayed for EUR to TRY, USD to TRY or TRY to JPY. Please enjoy!

EUR/TRY  
USD/TRY  

What do the above live rates mean?

You always start reading a currency pair from the back when you should figure out how much to pay. So in the first live rate (EUR/TRY), it means you have to pay just over 11 Turkish lira for 1 euro.

In the second live price, USD/TRY is measured. At present, it takes over 10 Turkish lira to exchange for one US dollar (USD). Try forex trading yourself with TRY at Capital, the player with the largest range and lowest spread of all that is available in the UK.

Where can I buy Turkish lira?

For currency trading with Turkish lira, Skilling has the best offer. You can trade both EUR/TRY, USD/TRY and TRY/JPY there. They also have the fastest trades for trading and some of the market’s most competitive spreads for TRY. The Turkish lira is a little further down the list of the most popular currencies to trade, but most professional currency brokers today offer TRY in their range of tradable assets. Read more about how you can quickly get started with currency trading, and start trading TRY today.
You can always initiate trading with a demo account and test your wings at Skilling now! If you rather want to trade GBP/TRY, CMC Markets is the best option.

Turkey’s economy under severe pressure

Turkey’s finances have suffered scorching losses in recent years and both the static over the number of unemployed and inflation and the Turkish currency have shown dismal figures. The sharp weakening of the lira has attracted a lot of attention around the world, and interest in TRY in the foreign exchange market intensified during 2019 in particular – when TRY was found to be one of the absolute weakest currencies of the year and same is true for 2021 so far. As a measure to try to stabilize the failing economy and rampant inflation, the repo rate was raised, which for a period in 2019 was at a record high 24% – in stark contrast to Erdogan’s actual pursuit of an interest rate below the 10% line. A bit into 2020 – and with a new Turkish central bank governor in place – it was once again down to just over 8%, but the country has been hit hard by the Cororna pandemic, and President Erdogan and his government face continued challenges – both economic and political. After that, Erdoghan decided to change the CB governor another 2 times.

Turkey’s economic concerns reflect both the country’s occasionally poor relationship with the United States – including after some diplomatic trade issues between the two countries – as well as the lack of a stable economy. The last years growth in Turkey has created growing pains, and which has largely benefited the middle and upper classes but made all the less difference for the citizens with lower incomes. A fact that of course created a lot of domestic contradictions.

Outlook for TRY – year 2021 and beyond

As one of the hardest hit countries in the pandemic, 2020 and the start of 2020 has of course been tough for Turkey, and the promising outlook following last year’s headwinds is unlikely to come in 2021. Turkey’s rapid economic progress over much of the 21st century (periodically almost in line with China and India) paved the way for a place in the G20 – an association of the 20 largest economies in the world – but whether the country manages to maintain its economic muscle remains to be seen. see. Domestic political contradictions, popular dissatisfaction with the increasingly authoritarian regime, growing income gaps, high borrowing costs and the fact that the country basically lacks raw materials for export income – suggest that Turkey and the Turkish lira still have a long and steep road ahead.

Economic indicators to keep track of

Like trading in other currencies, it is important to keep up to date with a number of different indicators if you intend to trade Turkish lira. Political decisions that may affect the currency, interest rate decisions by the Central Bank of Turkey, unemployment figures, inflation and the consumer price index are all important to keep an eye on whether you aim to go short or long in TRY.

The Turkish interest rate situation is favourable for carry trading

Thanks to the high repo rate, TRY is one of the highest yielding currencies for carry trading. By trading the high-interest lira in pairs with, for example, USD or EUR – both of which are significantly lower in interest rates – it’s possible to take advantage of the interest rate differences and go plus in interest returns for each day you keep the position open. However, even it if it may sound interesting, the TRY has decreased for most of 2021 so carry trading has been a terrible strategy for 2021 in any of the major crosses with Turkish lira.

Which live rate is missing for TRY? Let us know and we’ll do our best to make it happen.