The USD/TRY one-month 25 delta risk reversals (TRY1MRR) are currently trading at 0.637 in favor of TRY puts, although the value of the bearish bets is at its lowest since June 25.
Further, the risk reversals are down significantly from the high of 10.15 recorded on Sept. 4.
Cleary, the demand for the lira put options (bearish bets) has dropped sharply in the last 2.5-months, adding credence to the slide in the USD/TRY from the record highs above 7.00 to current level of 5.38.
TRY1MRR
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