Today’s Dollar and Euro Exchange Rates: May 28, 2024

Find out the latest exchange rates for Dollar and Euro against the Turkish Lira. Stay updated with the current situation in the interbank market.

The Dollar to Turkish Lira (Dollar/TL) hovered around ₺32.18 today, while Euro to Turkish Lira (Euro/TL) found buyers at the ₺35 level.

Amidst the Central Bank’s ongoing reserve accumulation, the foreign exchange rates are holding steady.

Key Highlights:

  • Turkish Lira gained 0.6% in value against the dollar in May.
  • Turkiye’s 5-year Credit Default Swap (CDS) is around 266 basis points as of today, marking its lowest level in 4 years.
  • The “Household Inflation Expectations” survey suggests an expected annual price increase rate of 113% in May.

Central Bank’s Reserve Accumulation: The CBRT’s net reserves, excluding swaps, have surged by approximately $60 billion since the local elections, nearing the positive zone. Last week alone, net reserves increased by $9 billion.

The CBRT’s total gross reserves surpassed $142.3 billion, reflecting a notable increase.

Upcoming Data: Thursday will witness the release of the May economic confidence index, April final foreign trade data, and the Monetary Policy Committee (MPC) meeting summaries. On Friday, attention will shift to the announcement of the first-quarter gross domestic product (GDP) data.

Global market focus remains on crucial data releases from the USA and Europe, including US growth figures and Eurozone inflation data.

Source: NTV / Prepared by Irem Yildiz

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