US dollar rises to 3.71 against Turkish lira

The U.S. dollar rose to 3.71 against the Turkish Lira on Monday, shortly after the U.S. announced that it would suspend non-immigrant visa applications for Turkish citizens.

The dollar/lira exchange rate reached 3.67 from 3.61 late Sunday, when the U.S. embassy in Ankara said that all non-immigrant visa services in its diplomatic facilities in Turkey were suspended after the arrest of one of its employees over the Gülenist Terror Group (FETÖ) ties.

Meanwhile, the dollar drew additional support after data released last Thursday showed that orders for core capital goods in August were stronger than previously reported, suggesting that robust business spending could help offset some of the economic drag of Hurricanes Harvey and Irma.

The dollar index, which measures the dollar's value against a basket of six major currencies, last traded at 93.955. It rose to 94.016 at one point on Friday, its strongest level since Aug. 17.