USD/TRY remains one of the most actively traded exotic pairs, defined by Turkey's persistent inflation challenges and the lira's structural depreciation. The pair has surged over 400% in five years, reflecting deep macroeconomic imbalances. The CBRT's shift toward orthodox monetary policy under Governor Erkan and successor Karahan"raising rates aggressively to 50%"has slowed the pace of lira depreciation but hasn't reversed it. The pair trades near its 52-week high of 43.79, with the 50-day MA at 43.30 providing near-term support. The steady 13.47% annual climb suggests a managed depreciation regime rather than free-floating dynamics. Bullish USD/TRY drivers include Turkey's still-elevated inflation (~70%+), current account deficits, and potential Fed hawkishness. Bearish risks include CBRT maintaining tight policy, improving foreign reserves, and carry trade inflows attracted by high Turkish yields. The pair offers significant carry trade opportunities but carries substantial gap and volatility risk. Traders should monitor Turkish CPI data, CBRT rate decisions, and geopolitical developments closely.