ANKARA
The Turkish lira /US dollar exchange rate has receded to its lowest level since Oct.4 as declining oil prices seen a positive development in Turkey’s struggle of current account deficit.
The rate which started the day trading at 2.2313 fell to 2.2197 on Tuesday at midday, the lowest level seen since October 4.
Arda Cosar, Research analysist at ALB securities, said that falling oil price and expectation of the lower inflation rate and anticipated decline in current account deficit in Turkey are main reasons Turkish lira gained value against six major world currencies.
Cosar expects Turkish lira’s value will increase more if the inflation and the current account deficits in the country decrease further.
Cosar said that The Turkish lira /US dollar (USDTRY) exchange rate of 2.2160 and 2.2050 will be a strong resistance point.
However, Cosar stress if the prices rise, 2.2310 and 2.2370 will be another key supports for Turkish lira/dollar value.
Meanwhile, Brent crude oil price reached $76.74 per barrel on Nov.14, down from $116 in June of this year.
The Central Bank of Turkey expects inflation rate in the country will decrease in the last months of 2014 thanks to the implementation a tight monetery policy since begining of this year.
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