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US dollar at five-month record against Turkish lira

The U.S. dollar has hit a five-month high against the Turkish lira following indications of an early interest rate rise in America. The dollar jumped from 2.165 lira on Wednesday to 2.189 lira on Thursday at 9.00 a.m. Turkish time (07.00 GMT), the highest since late March. The U.S. currency is expected to get stronger in the coming weeks. Published minutes of the Federal Reserve’s monetary policy committee indicated an interest rise in the U.S. could be introduced earlier than expected. Analysts also predict that positive macroeconomic figures for the U.S. economy would see the dollar rate head towards 2.25 lira. The price of gold was affected by the change in interest rate expectations, sinking to $1,276.55 per ounce, the lowest level for two months.

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