How much are Dollar and Euro worth today? Foreign exchange prices as of March 12, 2024

TL, which has been gradually losing limited value against the dollar since September 2023, remains under pressure with increasing individual demand before the election.

Traders are of the opinion that local foreign exchange demand is quite limited compared to the general election period, however, the process is followed closely in the market.

Minister of Treasury and Finance Mehmet Şimşek said yesterday that the recent volatility in the foreign exchange market should be seen as temporary.

High inflation, the expectation of a similar correction in the exchange rate after the general election last year, and the concern that economic policies may change after the election are the main reasons that drive locals to foreign currency.

Following the February inflation data, which exceeded the forecasts and showed that core indicators remained high, market players further increased their inflation forecasts, which were above the CBRT’s forecasts. Some market participants predicted that the CBRT would increase interest rates after the elections.

The CBRT, which met with banks last week, also started TL-settled forward foreign exchange sales.

TL’S LOSS SINCE THE START OF THE YEAR IS 8 PERCENT

While the dollar and TL started the day at 32.06 this morning, the depreciation of TL against the dollar has accelerated since the end of February, and TL experienced the fastest depreciation since the end of August with 1.8 percent last week. Having lost 2.7 percent in January and 2.9 percent in February, the loss of TL since the beginning of the year is 7.9 percent. In Forex markets, Euro TL renewed its peak at 35.10.

Today, the Ministry of Treasury and Finance will re-issue variable interest government bonds with maturity date of June 5, 2030 and fixed coupon government bonds with maturity date of October 5, 2033. TurkStat will announce the industrial production index for January.