Market Reacts to Election Results: Exchange Rates Stable, Gram Gold Hits Record Highs

While investors carefully followed the reaction in the markets after the local elections, no significant increase was observed in exchange rates. While the dollar rose to ₺32.5300, the Euro is at the ₺35 limit. Gram gold price is at a record with the rise in ounce gold. The stock market also started the day with an increase.

Economic policies began to be closely monitored on the first day after the local elections on March 31, 2024. On the first trading day, dollar/TL did not show a significant change, Euro/TL is under pressure due to the decrease in Euro/dollar parity. Gram gold price renewed its historical peak with the gain in ounce gold.

While citizens’ demand for dollars has accelerated in recent weeks, with the expectation that there will be an increase in the dollar after the local elections, all attention has turned to the first transactions to take place in dollar/TL after the elections. While dollar prices moved at ₺32.3984 in the last transactions on Friday, it increased by 0.13% to ₺32.4250 as the first reaction in international markets while Turkish markets were closed.

While the exchange rate was traded at ₺32.4226 at the opening of the domestic market, it moved to ₺32.4256 with an increase of 0.08% as of 09.41.

While the exchange rate gained 3.73% in March according to Friday’s closing, it has increased by 9.56% since the beginning of the year, that is, in the first quarter of 2024.

The dollar had declined rapidly the previous week following the surprise interest rate hike by the Central Bank of the Republic of Turkiye (CBRT), but reversed its direction upwards in the following days.


Euro prices, which were at ₺35.0370 in the last transactions on Friday, were found at ₺35.0367 in the first transactions in the shallow market after the election. Euro is moving at ₺35.0262 with a loss of 0.04%. The British pound is traded at ₺40.9825 at the same time.

Euro/dollar parity is currently moving at 1.0786 levels, with a decrease of 0.06%.


While the ounce price of gold renewed its all-time high by rising up to $2265 in the first transactions of the new week, it is currently moving at $2259 with a 1.14% premium.

Gram gold, whose price is calculated according to dollar/TL and ounce gold, reached its historical peak of ₺2362 due to the rapid rise in ounce gold. Gram gold is currently finding buyers at ₺2354, with an increase of 1.24%.


BIST 100 index at Borsa Istanbul started the week at 9,234.48 points with a 1.01% increase following the Local Government General Elections.

At the opening, BIST 100 index increased by 92.08 points and 1.01% compared to the previous closing, reaching 9,234.48 points.

The banking index increased by 1.72% and the holding index increased by 2.04%. Among the sector indices, the biggest gainer was securities investment trust with 3.62%, while the biggest loser was mining with 0.91%.

BIST 100 index at Borsa Istanbul, which followed a buyer trend on Friday, completed the day at 9,142.60 points with a 0.69% gain in value.

Analysts noted that technically, 9,300 and 9,400 points in the index contract are resistance levels, and 9,200 and 9,100 stand out as support levels.

Source: Patronlardunyasi / Prepared by Irem Yildiz

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