USD/TRY Live Charts
Use our USD/TRY live charts to get the most up-to-date insight into the recent performance of this pair and other currency pairs used in forex trading. It can help you make informed decisions at home or on the go – no matter if you use the TickTrader desktop platform, web terminal, or mobile app. Our real-time FX USD/TRY chart shows the very latest price and also historical data to help guide your next trade.
What Is USD/TRY Trading?
USD/TRY is the ticker symbol for the US dollar to Turkish lira currency pair. The forex USD/TRY pair is considered exotic as TRY is the currency of a developing country, Turkey. Exotic currency pairs may have high trading volumes, allowing professional traders to take advantage of high volatility. FXOpen offers very competitive spreads and excellent liquidity, so although exotic pairs are traditionally associated with lower liquidity and wider spreads compared to the major pairs, this is still a popular traded pair at FXOpen.
The US dollar (USD) is the legal tender of the United States of America. Introduced in 1792, it is believed to be the most powerful currency in the world today, outperforming the former de facto reserve currency, the British pound.
The legal tender of the Republic of Turkey and the Turkish Republic of Northern Cyprus is the Turkish lira (TRY), which was put into circulation in 1844. In the early years, TRY was relatively stable, however, Turkey has been experiencing inflation since the late 1970s. In January 2005, the country introduced the new Turkish lira, worth 1,000,000 units of the old one. According to the Bank for International Settlements, as of April 2022, TRY was ranked the 27th currency by proportion of daily volume in the forex market.
In USD/TRY trading, the US dollar is the base currency, and TRY is the quote currency. Therefore, the FX USD/TRY pair represents the number of liras needed to buy one US dollar at any given time.
USD/TRY Historical Performance
Trading of the US dollar/Turkish lira started in 2005 and was consolidated within a narrow range until 2012. In the early years, the US dollar to Turkish lira exchange rate was around 1.5, but in 2013, it broke the 2.00 barrier, maintaining an upward trend from then on.
Between 2019 and 2021, there was a sharp increase, and in 2021, the pair rose above 10.00. As of the beginning of 2023, USD/TRY continues to grow due to the strength of the US dollar and ongoing instability of the Turkish lira.
Major Factors That Affect the US Dollar/Turkish Lira Pair
The USD rates are influenced by US governing bodies, including the Federal Reserve System, the central bank of the United States. It issues and manages the amount of US dollars in circulation to ensure the stability of the country’s financial system. Direct interventions of the Fed have a huge impact on the forex market.
Turkish lira rates are affected by the Central Bank of the Republic of Turkey (CBRT). This regulator seeks to maintain economic stability and ensure an effective exchange rate regime. The CBRT became especially influential in 2002 after it adopted an inflation-targeting policy.
If you are interested in trading USD/TRY, you may take a look at the TickTrader platform, which offers an all-in-one trading solution. Remember to do your own research and keep track of the economic news of the countries whose currencies you trade.