The USDTRY is the exchange rate between the currency of the United States, i.e., the USD, and Turkey, i.e., the Turkish Lira (TRY). In this pair, the USD is the base currency, and TRY is the quoted currency and tells about the number of TRYs required to buy a USD.

What is USDTRY?

The USD is a major currency in the forex market and international trade. As a reserve currency and benchmark, the USD attracts traders and investors. On the other hand, the TRY is a weaker currency than USD, with a share of just over 1% in global forex transactions. The USDTRY pair was first introduced on the forex market in 2005. Since then, it has shown several ups and downs in pricing. Its price depends on several factors. One of the most recognizable is the export of commodities. Additionally, investors should keep tabs on central bank policies, macroeconomic indicators, and geopolitical situations worldwide. Traders willing to understand how to invest in USDTRY must consider these aspects.

How does USDTRY work?

The USDTRY pair works via trading on the forex market. First, traders enter the market by opening a trading account with a trusted broker. Once in the market, they speculate on future exchange rate movements and take a long (buy) or short (sell) position. The currency pair works by trading on various platforms, like SimpleFX. First, the trader needs to open an account. SimpleFX provides a demo account where investors can learn how to trade USDTRY. It gives access to the simulation of real-time market conditions without financial risks.

USDTRY price history

The USDTRY has seen many fluctuations in the past years. Here’s the price history of the pair from 2018-2022:

2018

The year started when the exchange rate was 3.7921 TRY and ended at 5.2881 TRY, showing the depreciation of the Lira. The year's best and worst exchange rates were 6.9389 TRY on 13th August and 3.7346 TRY on 1st February. The year’s mean was 4.8456 TRY.

2019

At the year's commencement, the USDTRY was at 5.2899 TRY; by the end, it was 5.9488 TRY. The highest exchange rate in 2019 was 6.1661 TRY on 9th May, and the lowest value was 5.1809 TRY on 31st January, with the year's average of 5.6828 TRY.

2020

On 1st January 2020, the USDTRY was at 5.9472 TRY; on 31st December, it was 7.4388 TRY. On 7th November, the pair showed the best exchange rate of 8.5253 TRY, and 5.8566 TRY was the worst value. Moreover, the average exchange rate of the year was 7.0194 TRY.

2021

On 1st January 2021, the closing exchange rate was 7.4394 TRY, which saw many ups and downs throughout the year. Finally, the year ended with the exchange rate at 13.3206 with the best value of 16.6687 TRY on 19th December. The worst rate was 6.962 on 15th February, with the year's average rate of 8.8922 TRY.

2022

The year began with USDTRY at 13.3206 TRY, and 18.6858 TRY was the closing exchange rate. The exchange rate's maximum and minimum values were 18.7138 TRY on 29th December and 13.0955 TRY on 3rd January, respectively. In addition to it, the year's average was calculated to be 16.5754 TRY.

Current USDTRY price

The current USDTRY price is subject to fluctuation due to the volatility of the forex market. Investors can check it on the chart or the SimpleFX Webtrader platform.

Is USDTRY a good investment?

Whether USDTRY is a good investment depends on factors such as interest rates, monetary policies, geopolitical events, etc. The answer depends on analyzing these factors and the potential returns on investment. If the factors are also stable and there are more chances of return, this currency pair brings more interest from investors worldwide.

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