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Turkish lira loses ground against the US dollar - exchange rate at 3.71

Turkish lira loses ground against the US dollar - exchange rate at 3.71
The announcement that the United States have suspended the non-immigrant visa applications for Turkish citizens had a detrimental effect on the Turkish currency, with the US dollar rising to 3.71 against the Turkish Lira on Monday.

On Sunday, the dollar/lira exchange rate reached 3.67 from 3.61, following the news that the US embassy in Ankara would suspend all non-immigrant visa services in its diplomatic facilities in Turkey. Washington decided on these sanctions after the arrest of one of its employees over the Gülenist Terror Group (FETÖ) ties.

Meanwhile, the dollar was strengthened further by after data released last Thursday, which showed that orders for core capital goods in August were stronger than previously reported, suggesting that robust business spending could help offset some of the economic drag of Hurricanes Harvey and Irma./IBNA

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