Live and Historical USD/TRY Rates
This chart shows the value of the United States dollar against the value of the Turkish lira- showing how many Turkish liras can purchase one United States dollar. USD is a major currency while TRY is not. USD/TRY does not form a major pair or a commodity pair.
The U.S Dollar
USD is the standard currency for seven countries other than the United States. Twenty-three additional countries tie their national currencies to USD. Undoubtedly, USD is the most frequently used currency in the market. It is a floating currency. That is not to say the Federal Reserve does not use their power to control USD values. Lending interest rates are raised or lowered as they deem necessary. Major sectors in the United States economy include energy, agriculture, manufacturing, and finance. USD is also the premier reserve currency in international trade. In fact, a number of major commodities such as oil and gold are traded exclusively in USD.
The Turkish Lira
The Turkish lira suffered a fluctuating and shaky past from its inception in 1844 to its last re-induction to the world market. However, in 2007, a new lira was introduced at 1.26 to the dollar and has remained relatively steady since. Agriculture is the solid base to Turkey’s economy. Textiles play a smaller role though they are present. Turkey is the world’s largest producer of hazelnuts, cherries, figs and, apricots. It also exports textiles, oil, and chemicals. These sectors factor together to make TRY a commodity currency, though TRY’s influence is quite small when compared to other commodity currencies. Turkey’s premier trade partners are the EU, USA and Russia.
Because of the difference in size and the fact that the US uses so many trading partners, the primary thing to watch in this pair is Turkey’s economy. Several major issues relate. First, the nation’s political stability has a constant influence on the lira. Turkey has also failed to differentiate its industries, meaning that agriculture prices exercise a huge effect. Finally, Turkey has had a constant desire to use the euro-an ambition it has not achieved. Any political developments implying that possibility are very significant. As always, announcements from the Fed have an obvious and immediate result in the dollar.