The USD/TRY currency pair rebounded after falling earlier today. The previous rally of the Turkish lira was a result of many positive factors.
The main reason for the lira’s rally was the victory of the opposition Nation Alliance Party over the ruling Justice and Development Party at the rerun of the municipal elections in Istanbul on Sunday. Additionally, domestic macroeconomic data was also beneficial to the currency. The manufacturing confidence index increased to 102.5 in June from 98.9 in the previous month. Capacity utilization increased to 77.1% in June from 76.3% in May.
USD/TRY rallied from 5.7353 to 5.8083 as of 16:30 GMT today, bouncing from the session low of 5.7106.
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