Why do exchange rates look different at the weekend?
The international currency market is closed at the weekend, and the CBRT (TCMB) announces no rates then either. A rate you see during that time is mostly Friday evening's last price; some institutions set their own price for the weekend with a wider spread.
When does the market close?
The international currency market trades around the clock on weekdays: it closes at 17:00 New York time on Friday and reopens at 17:00 New York time on Sunday. In Türkiye time that is Saturday 00:00 to Monday 00:00 while the US is on daylight saving time, and Saturday 01:00 to Monday 01:00 in US winter time.
Türkiye's free market can still price for a while on Saturday. On our site every price shows whether its market is open or closed and the time of the price; a closed market's last price is labeled closed, with the time it reopens.
The CBRT announces its rates on business days only, at 15:30. There is no new bulletin at weekends or on public holidays; the latest bulletin is the previous business day's.
Source: tcmb.gov.tr ·
Why do weekend rates differ?
- The last price: while the market is closed, many sources keep showing Friday evening's last price.
- An institution's own price: banks and apps may still sell currency at the weekend. Since nobody knows where the market will open, some widen their spread; the gap between buy and sell can be bigger than on a weekday.
- Assets that trade 24/7: crypto assets such as Tether (USDT) keep trading at the weekend; their prices keep moving, but they are not the dollar rate (Tether vs the dollar).
The Monday open
When the market reopens, prices can reflect the weekend's news all at once, so Friday's close and Monday's open can differ. On our site prices update from their own source once the market opens.
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This content is for information only; it is not investment advice.