Turkish Lyra is still under selling pressure, after a respite post successful November election. The adverse geo-political developments were restarted as an effecting factor.
Stock exchange's latest data show that in November, foreign investors sold $1.1bn in Turkish equities. Airline sector faced major selling pressure as adverse effects were expected on tourism, the Russian ban being the most significant one.
"Balance of payment data for October will be published this Thursday, and will give us a comprehensive update on portfolio capital flows; but for now, the stock market data offer a preliminary glimpse at November flows", says Commerzbank in a research note.
Currently USD/TRY is trading at 2.92 and EUR/TRY at 3.16.
