The Turkish lira opened its session on Wednesday at levels of 13.85, and rose until it reached levels of 13.15 against the US dollar.
In a speech to members of parliament, Turkish President Recep Tayyip Erdogan said that his country will reduce prices as soon as possible, after the annual inflation rate rose to more than 36 percent in December due to the currency crisis caused by his unconventional policy on lowering interest rates.
Erdogan added that the inflation figures are not in line with the economic reality in Turkey, and he hopes that the benefits of Ankara’s economic policy will be realized during the summer.
The Turkish lira was not the only currency that outperformed the dollar during Wednesday’s trading session.
Most of the currencies witnessed gains against the dollar, due to US inflation data, which recorded its highest level in 40 years, at 7% in December 2021, which contributed to the decline of the US dollar index to its lowest level in nearly two months.
The movements of the pound sterling
The pound rose to its highest level in more than two months against the US dollar.
The sterling gained support recently, with investors raising their expectations for more interest increases, while Britain is focusing on providing booster doses of vaccines instead of returning to the closure measures related to the Corona virus, which supports risk appetite.
The sterling appeared unaffected by the political problems facing British Prime Minister Boris Johnson.
The British currency rose 0.4% against the greenback, to record its highest level in nearly two months, at $1.3695, in trading last night.
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