The Turkish Lira stood at 21.512 against the US dollar on Tuesday, compared to 15.665 around a year ago. This represents a depreciation of 37.3 per cent over the last year, according to data obtained from 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.
Among the five countries under consideration, the Bangladeshi Taka is the second most devalued currency, losing 19.5 per cent of its value against the US dollar, falling to 107.207 on Tuesday from 89.726 last year, as per TexPro.
The Indian Rupee and the Chinese Yuan both experienced an equal depreciation of 6.5 per cent over the last year. The Indian Rupee depreciated to 82.337 against the US dollar, down from 77.308 a year ago. Similarly, the Chinese Yuan weakened from 6.586 to 7.017 against the US dollar. Among these currencies, the Vietnamese Dong was the best performer against the US dollar, depreciating by just 2.4 per cent to reach 23,639.224, down from 23,092.461 last year.
ALCHEMPro News Desk (KUL)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
