The Turkish national currency suffered losses Monday before recovering slightly after President Erdogans AK Party saw election losses in big cities, including capital Ankara.
The lira extended losses from last week and plunged nearly 2.5 percent at the opening of trade. Later in the day, the currency recovered from some of its recent losses.
Meanwhile the countrys main stock index, BIST 100, was down 0.59 percent on Monday, after falling more than 7 percent last week.
Also on rt.com Erdogan accuses US of undermining Turkish economy ahead of elections
The Turkish lira lost nearly 30 percent of its value against the dollar last year, triggering a recession and soaring inflation. Last week, it was weakening sharply as the government and central bank unleashed a series of measures to prop up the lira.
“Doubt markets will take much direction from these results which are mixed for AKP. The underlying issues remain – lack of confidence as reflected in rising dollarization,” emerging markets strategist at Bluebay Asset Management, Timothy Ash, said in a Twitter post.
Also on rt.com Turkey not America: Erdogan continues crackdown on US dollar in favor of lira
Sundays municipal election was cRead More
[contf]
[contfnew]
RT
[contfnewc]
[contfnewc]
