The Turkish lira is one of the worst performing currencies against the US dollar today, as local political risks are on the rise.
The Turkish electoral council nullified the result of the March Istanbul mayoral vote. A fresh vote is scheduled for June 23.
Analysts believe the risk of social unrest in the country is rising. In fact, "the ruling inflicts a dramatic blow to the rule of law and weakens democratic standards in Turkey," said Christian Maggio, head of emerging markets strategy at TD Securities.
The lira touched its weakest level since September today. One dollar bought 6.1388 lira on Tuesday, up 1%, according to Refinitiv.
https://www.cnn.com/business/live-news/stock-market-news-today-050719/index.html
2019-05-07 13:35:00Z
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