Turkey’s lira briefly dipped to a record low and its main stock market fell 1.35% on Monday as a major earthquake added to pressures from a strong dollar and the war in Ukraine, as well as a surprise inflation reading.

The lira slipped to 18.85 , in early trade before retracing its losses to end the day flat. The main equities benchmark at one point dropped as much as 5%, with banks tumbling 5.5%, before recovering most of the losses.

Yields on local 10-year government bonds hit their highest in nearly two months at 10.2%, while Turkey’s credit default swaps, an insurance against sovereign default, jumped by 19 basis points from Friday’s close to 545 bps.

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Piotr Matys, senior FX analyst at In Touch Capital Markets, said the earthquake had compounded uncertainty ahead of crucial elections likely to be held in May.

Read more: Reuters