Attention foreign exchange investors… How much is Dollar and Euro worth? Foreign exchange prices on April 2, 2024 – Last Minute Economy News

What kind of strategy will Erdoğan implement from now on, given that Ekrem İmamoğlu, who is seen as the biggest rival of AKP’s President Recep Tayyip Erdoğan, won Istanbul with a strong vote difference and Mansur Yavaş won again with a large margin in Ankara? It will be watched how he explains the reason for the election result.

In this context, the AKP Central Executive Board meeting chaired by Erdoğan, where the election evaluation is expected to be made, will be followed today.

HOW MUCH ARE DOLLAR AND EURO?

Following the local elections, Dollar and Turkish Lira fell below 32 from 32.43, where it started the day yesterday, and then finished the day around 32.24. Traders said that there were sales of both local and some foreign currency yesterday. Dollar TL started the day around 32.25 this morning. Euro TL is traded at 34.69.

The rise in the dollar and Turkish lira at the beginning of March had accelerated slightly due to the high local foreign exchange demand before the local elections.

Dollar-TL tested below the 32 level twice recently, on the day of the 500 basis point interest rate increase and yesterday. In both movements, there was a daily value gain in TL, but the exchange rate continued its limited rise.

The exchange rate reached 33 levels in the illilit market on the first trading day after the election. In the decline that became evident in the afternoon, the lowest level traded was 31.9. The appreciation of TL against the dollar reached up to 1.5 percent at one point yesterday. The depreciation of TL against the dollar was approximately 9 percent in the first quarter of this year.

Traders pointed out that the movement in the foreign exchange market started from the Grand Bazaar. The reports on Turkish markets published yesterday after the local elections mostly contain positive opinions about the upcoming period.

FIRST COMMENT AFTER THE ELECTION FROM GIANT US INVESTMENT BANK GOLDMAN

Goldman Sachs stated yesterday that the continuation of current economic policies would be enough to “resume capital inflows” in the coming weeks. The institution said that TL will “show a much better performance” compared to previous months.

In its report published yesterday, İş Yatırım said, “We may see volatility in the short term due to the concern that the AK Party may blame its local election defeat on new economic policies. We believe that current policies will continue. Therefore, we see the possible negative reaction in the markets as an opportunity to increase our position.”

INCREASE IN RESERVES

Moreover, according to bankers’ calculations, net reserves increased by approximately 1 billion dollars last week, thus the significant loss in CBRT reserves stopped in the week following the interest rate increase.

Following the victory of AKP President Recep Tayyip Erdoğan in the 2023 general elections, CHP achieved great success by receiving a higher than expected vote rate in the local elections held yesterday.

Devlet Bahçeli, Chairman of MHP, a member of the People’s Alliance, also acknowledged that the decline in purchasing power and the problems experienced by various segments of society, especially retirees, in daily life had an impact on the election result.

İYİ Party Chairman Meral Akşener, who received a call to resign, said that they would convene an extraordinary elective congress as soon as possible.

Although Erdoğan emphasized that “the message has been received” about his party’s sharp loss of votes in the local elections, which he described as a loss of altitude, he did not give any signals about how he would implement the steps he wanted to take in the economy and the judiciary. The main emphasis of analysts was the question of how to fill the “empty pot” that motivates voters’ voting behavior.