Political uncertainty in Turkey drives the lira to all-time lows after a court annuls the 2023 leadership election results.
The Turkish lira fell to a record low against the US dollar, with USD/TRY reaching 45.7778 during Asian trading hours. The decline follows a court decision in Ankara to annul the 2023 leadership contest, fueling political instability.
The currency pair had briefly dipped the previous day before rebounding sharply. Analysts cite heightened uncertainty as investors react to the ruling, which targets the main opposition party and raises concerns over governance.
No immediate market reaction data was provided, but the lira’s drop reflects broader unease over Turkey’s political and economic outlook.