Today’s Dollar and Euro Exchange Rates (May 2, 2024): Latest Updates on Currency Values

How many TL is Dollar – Euro? What was the last dollar exchange rate? The latest situation in foreign exchange rates in the interbank market.

Dollar/TL continued its course below the 32.5 level with the support of increasing foreign interest.

Dollar/TL started the new day with a decrease of 0.15%, around 32.36. Euro/TL was traded around 34.76.

Expressing the opinion that the balance in the foreign exchange market has changed in favor of the Turkish Lira in recent weeks, analysts noted that foreign interest is intense.

TL completed April with a limited gain of 0.04% against the dollar.

Analysts stated that the effects of the increase in withholding tax on TL deposits and some fund returns, which occurred due to the partial removal of historical exemptions, will be monitored.

Today, April manufacturing industry purchasing managers index (PMI) and CBRT weekly data will be watched on the data agenda. Tomorrow, April CPI data will be followed.

Inflation is expected to exceed 3% on a monthly basis. It is stated that annual inflation may exceed 70%.

Some of the tax exemptions from income from deposits and TL investment funds, which have been in place since 2020, would be abolished. Withholding tax rates increased on deposits and some TL investment funds.

Withholding tax, which was 5% before the decision, will now be applied as 7.5% for deposit accounts with a term of up to six months. On income from TL investment funds, the withholding tax rate, which was applied at 0% since December 23, 2020 before the decision, was increased to 7.5%.

The decision of S&P Global Ratings, which rates Turkiye with a “B” grade, five levels below the investment grade, is expected after the market closes at the end of the week.

Source: NTV / Prepared by Irem Yildiz

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