The Turkish lira hit a seven-month low on Tuesday after the country announced a fresh election for the city of Istanbul on the demands of Turkey's ruling AK Party, which narrowly lost the commercial hub in municipal elections last March.
The lira plummeted to as low as 6.1944 to the dollar during Tuesday morning trade as spooked investors fled what many have described as a market too vulnerable to political intervention and suffering from weak foreign currency reserves, a wide current account deficit and rising tensions with the U.S. A new election is scheduled for June 23.
Turkey's municipal elections saw opposition candidate Ekrem Imamoglu beat the mayoral candidate from President Recep Erdogan's ruling AK Party — which had held Istanbul for the past 25 years — by 14,000 votes, according to the nation's High Election Board.
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