Turkish lira up against US dollar

The US dollar has declined by 1.5 per cent against the Turkish lira, recording its lowest value in the past two months at 5.7835 Turkish liras per dollar.

After retreating to 5.7835 liras, the US dollar stabilised at 5.79 liras.

The euro has also decreased in value against the lira by 1.1 per cent, recording 6.7175 liras per euro, while the sterling dropped 0.88 per cent, recording 7.6310 liras per pounds.

Some analysts believe that US President Donald Trump’s statements following the release of US Pastor Andrew Brunson from detention in Turkey improved the lira’s position on the foreign exchange market. Brunson had been held in a Turkish prison since 2016 allegedly for espionage and connection to terrorism.

READ: Turkish lira weakens after Trump says ‘no concessions’

During his meeting with Brunson at the White House on Saturday, Trump said that he expects “great” relations between the United States and Turkey.

He added that Brunson’s release was “a tremendous step toward” improved bilateral relations.