The Turkish lira plunged to the all-time low against the US dollar today after the ruling party failed to secure a majority in the parliament, increasing political uncertainty in the country.
The ruling Justice and Development Party, or AKP, has lost its parliamentary majority for the first time since 2002, resulting in a fragile minority government. This may derail any plans that President Recep Tayyip Erdogan has and destabilize the political landscape in the country. Turkeyâs benchmark BIST 100 Stock Index fell 6.2 percent after dropping more than 8 percent earlier today.
USD/TRY rose from 2.7546 to 2.7614 as of 11:16 GMT today, reaching the all-time high of 2.8097 intraday.
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