In the forex market, the USD/TRY currency pair symbol represents the trading of the US dollar against the Turkish lira - one of the least stable currencies that has undergone several rounds of devaluation. While the US dollar remains the most popularly traded currency among forex traders worldwide, the Turkish lira holds the distinction of being one of the world's least valued currencies.The TRY is the official currency in use across Turkey as well as the Turkish Republic of Northern Cyprus. The Turkish lira was once pegged to the British pound and the French franc, and then in 1946, its value was pegged to the USD, even though it underwent several rounds of devaluation. While it is no longer officially pegged to the US dollar, the Turkish government intervenes frequently to influence the value of the TRY.Geopolitical and economic troubles recently caused the exchange rate of the USD/TRY to appreciate by over 20% on 10 August 2018. In addition to these uncertainties, the TRY is also plagued by a ballooning debt crisis in Turkey, which has caused inflation to surge even as the government pressures the Central Bank of Turkey to keep interest rates low. Since 2008, the TRY has lost over 4000% of its value against the USD as well as the GBP.