Turkish Lira weakens to 7:1 against U.S. Dollar

ANKARA — The Turkish Lira has deteriorated over the past few days against the U.S. Dollar as the coronavirus outbreak in the country continues and the economy worsens.

The lira recorded a weaken sharply last week against the dollar, dropping to approximately 7 TRY to 1 USD.

According to economic analysts, the sudden drop was due to restrained selling pressure after the country’s costly intervention to maintain currency stability.

The outbreak of the coronavirus pandemic in February and the halt of local and global production contributed to the weakening of the lira.

Some analysts believe that Turkey’s support for the groups in Syria, Libya, and Yemen has been an important factor in the drop of the lira. Because Turkey allocated high salaries for its mercenaries, a decrease in the country’s foreign reserves has taken place. If its support for these groups continues, argue some, its foreign reserves may soon be empty.