Turkey's lira slipped towards a fresh record low against the dollar as President Tayyip Erdogan claimed victory in the country's presidential election on Sunday, a win that would steer his increasingly authoritarian rule into a third decade.
A U.S. one dollar banknote is seen next to Turkish lira banknotes in this illustration taken in Istanbul, Turkey November 23, 2021. REUTERS/Murad Sezer/IllustrationPresident Tayyip Erdogan claimed victory
The currency opened at 20.05 to the dollar as the new trading week got underway, not far off the 20.06 record low hit on Friday. If confirmed by the final tally, "Erdogan is unlikely to embrace an outright economic orthodox approach," Wolfango Piccoli, co-president at advisory firm Teneo said in emailed comments.
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