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Turkish Lira Drops amid Credit Rating Worries

January 27, 2017 at 11:58 by Vladimir Vyun

Various TRY banknotesThe Turkish lira dropped today ahead of the credit rating decision by Fitch Ratings that may lead to Turkey losing its investment grade.

Fitch was the only big rating agency that preserved an investment grade for Turkey up until now as Standard & Poor’s and Moody’s Investors Service have already lowered the nation’s credit rating to “junk”. Now, investors are concerned that Fitch may follow suit. That hurt the lira, which has already lost 9% of its value this year.

USD/TRY rose 0.66% to 3.8752 as of 11:47 GMT today.

If you have any questions, comments, or opinions regarding the Turkish Lira, feel free to post them using the commentary form below.

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