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Turkish lira sees highest devaluation among textile exporting nations

27 Sep '23
2 min read
Pic: Shutterstock.com
Pic: Shutterstock.com

Insights

  • Over the past year, textile exporters in Turkiye have gained a competitive edge due to a *.* per cent devaluation of the Turkish Lira, the highest among key textile-exporting countries including India, Bangladesh, China, and Vietnam.
  • While this may not bode well for the country's overall economy, it has given their exporters an advantage.

The Turkish Lira stood at **.*** against the US dollar on Tuesday, compared to **.*** around a year ago. This represents a depreciation of **.* per cent over the last year, according to data obtained from *f_homepage_tpblock&utm_medium=logo&utm_campaign=texpro_****" target="_blank">Fibre2Fashion&#**;s market insight tool TexPro. 

While the currency devaluation may not be favourable for Turkiye&#**;s economy as a whole, its exporters have found an unexpected edge in a globally competitive market, especially when demand is sluggish. 

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