The Turkish lira rallied today after victory of Recep Tayyip Erdogan in the presidential election.
Erdogan’s victory in the Turkish presidential election reduced political uncertainty, making the lira a bit more appealing to investors. Market analysts argued, though, that there is a high chance that the rally will be short-lived. They pointed out that Erdogan’s presidency was the major reason for the 21% depreciation of the currency this year in the first place.
USD/TRY fell 0.32% to 4.6619 as of 12:24 GMT today.
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