USD/TRY drops to lows near 3.4400

The selling mood around the greenback plus bargain hunters around the Turkish currency has dragged USD/TRY to fresh daily lows in the 3.44 neighbourhood.

USD/TRY lower on USD selling

TRY is recovering some ground lost recently, after hitting all-time lows vs. its American peer in early trade above 3.4700 the figure.

The persistent offered bias around the US dollar remains well and sound during the second half of the week, prompting spot to recede from earlier highs.

The Turkish Lira has practically ignored yesterday’s decision of the CBRT to hike the Overnight Marginal Funding Rate and the One-Week Repo Rate to 8.50% and 8.0%, respectively, dropping to sub-3.3700 levels just to pick up extra pace soon afterwards.

USD/TRY key levels

At the moment the pair is losing 0.20% at 3.4387 and a break below 3.3490 (low Nov.22) would expose 3.2648 (20-day sma) and finally 3.1166 (55-day sma). On the other hand, the next resistance lines up at 3.4546 (high Nov.24) and then 3.4766 (2016 high Nov.25).