The Turkish lira strengthened in today’s trading after the Turkish government reached an agreement with Russia. The deal boosted the currency against the major forex players this Wednesday’s sessions.
The first pair that declined is the US dollar to Turkish lira trading pair. The USD TRY exchange rate went down by 0.68% or 0.0396 points in sessions. The pair currently trades for ₺5.7663, going lower from its previous close of ₺5.8059.
The CAD TRY trading pair also declined by 0.81% or 0.0362 points in sessions. The pair now trades for ₺4.4159 and has reached ranges from ₺4.3982 to ₺4.4350.
And the CNY TRY exchange rate fell by 0.80% or 0.0066 points in today’s trading session. The CNY TRY currently exchange for ₺0.8175, edging lower from its last close of ₺0.8241.
Other currencies didn’t stand a chance against the Turkish lira’s newfound strength in today’s trading. Yesterday, experts released a forecast for the Turkish Central Bank’s possible interest rate cut.
The announcement of whether the bank will cut its interest rate is due later this week. Traders are waiting for the decision of the central bank and its possible effects on the currency.
A Deal on Syria
Today, the Turkish and Russian governments agreed to remove the Kurdish YPG militia fighters from the Turkey-Syria border. The deal also includes pulling out the unit’s weapons from the site.
Russia encourages the Syrian group to pull out its unit from the area or otherwise be “crushed” by the Turkish army. Moscow also said that the United States “betrayed and abandoned” the Syrian unit on the border.
Turkey also said early this Wednesday that there’s no need not launch another operation in the northern part of Syria. The lira immediately rose after that agreement and the comments from government officials.
Traders still expect the TRY currency to continue its impressive run in the coming sessions if the Syrian fighters listen to Russia.