Turkey's lira tumbled on Wednesday to a fresh record low against the dollar as President Tayyip Erdogan prepared to decide the shape of his new cabinet and the direction of economic policy after an election triumph.
Türkiye’s lira traded near a record low after briefly hitting 20.65 against the dollar early on Wednesday during low liquidity trade, extending losses after President Recep Tayyip Erdogan won an election runoff to maintain his rule into a third decade. The lira edged back to 20.62 by 0412 GMT still some 1% weaker from Tuesday's close of 20.42. It had already weakened from mid-May over the direction of economic policies after the initial round of elections.
(Bloomberg) Turkish President Recep Tayyip Erdogan sealed an election victory that appeared unlikely just weeks ago, raising the prospect of more friction with Western governments and international investors.