After Trump's defeat, Turkish lira advances on dollar

ANKARA (AA) - The U.S. dollar versus Turkish lira rate dipped below 3.59 in early trading Monday as the Trump administration’s failure to pass a new healthcare bill pushed the U.S. dollar lower in global markets.

The dollar to Turkish lira rate slipped as low as 3.5855 on Monday at 0715 GMT, down 0.50 percent compared to the previous close on Friday, in line with broad U.S. dollar weakness seen in almost all major currencies and emerging markets.

The tone in U.S. dollar sentiment profoundly changed after the Trump administration came up short of votes in Congress last Friday to repeal Obamacare, one of Trump’s key oft-repeated campaign promises.

As the setback suggested Trump may be unable to keep his campaign promises, which have buoyed U.S. and global markets, investors needed to reassess their portfolios.

The U.S. dollar index, which track the greenback’s value against a basket of major currencies, slipped below its 150-day moving average to 99.05 points on Monday, its lowest reading since last November’s American presidential election.