The Turkish lira fell by over 1% on Monday amid ongoing political volatility due to pressure by President Erdogan for a new recounting of the vote tally in the municipal elections in Constantinople.
At 14:10 GMT, the Turkish currency’s exchange rate stood at 5.6860 lira per 1 US dollar. Earlier, it had fallen to 5.7120 lira, dropping more than 1.5% compared to Friday’s closing price of 5.6220 pounds.
The fall in the lira is attributed to the political uncertainty caused by the local election result in the country’s largest city and a diplomatic fallout with Washington over Israel, said Pierre Mattis, an analyst of exchange rates for emerging markets at Rabobank.