The Turkish lira fell against the US dollar today after geopolitical tensions between the United States and Turkey flared.
Relations between the two NATO members worsened after Turkey decided to buy Russia’s S-400 missile defense system. Washington was threatening Ankara with sanctions if the deal comes through. It looks like the threats were not idle as the US government announced that it is suspending Turkey from the F-35 fighter jet program.
USD/TRY rose from 5.6149 to 5.6376 as of 17:04 GMT today, and its session maximum was at 5.6561. EUR/TRY inched down from 6.3439 to 6.3327, falling for the fifth session in a row.
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USD/TRY Rises as Tensions Between USA & Turkey Flare
