Turkish Lira slides against US dollar, nears 15 mark

Duvar English

The Turkish Lira began the week on March 14 with new low against the US dollar and the euro.

The lira slid to 14.89 against the US dollar, depreciating from 14.73 on March 11 and plunging towards 15. 

Turkey’s lira had strengthened to 14.73 against the dollar as it closed out the week on March 11 on the back of progress in a meeting between Russia and Ukraine.

But the week started with depreciation for the lira. It also traded at 16.22 to the euro.

Earlier in March the lira slid against the dollar as investors feared Russia’s invasion of Ukraine could severely impact Turkey’s economy, which has ties with both countries and relies on both markets for wheat. Turkey also depends on Russia’s gas.