USD/TRY: Turkish lira hits fresh record low

Omkar Godbole FXStreet Contributor

Turkish lira fell to a new record low of 7.4494 per US dollar on Thursday, breaching the previous lifetime low of 7.4050 per dollar reached on Aug. 25.

The currency came under pressure after data showed Turkey's annual inflation rate rose to 11.77% in August. Turkey's year-end inflation target is 8.5% for 2020., as noted by Anadolu Agency. Meanwhile, Turkey's central bank recently revised its year-end inflation forecast higher to 8.9% from 7.4%.

Apart from Turkey's inflation data, the risk aversion in the global equity markets may have played a role in pushing Lira lower.

At press time, USD/TRY is trading mostly unchanged on the day near 7.4220.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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