Turkish lira falls to record low against dollar amid Middle East tension and Fed decision

On July 21‑22, 2026, the Turkish lira weakened sharply, with the dollar reaching 47.22 TRY, the highest level ever recorded for the currency. The euro also rose, trading near 53.90 TRY, while the British pound was at 63.24 TRY. The decline came as geopolitical instability in the Middle East lifted oil prices and investors awaited the U.S. Federal Reserve’s upcoming interest‑rate decision, fueling a surge in global demand for dollars.

Domestic market data showed the dollar index climbing back above the 101‑point threshold, and the lira’s depreciation was reflected across other foreign‑exchange rates, including a brief breach of the 54 TRY level for the euro before easing slightly.