Turkish Lira Rallies After Erdogan’v Victory in Presidential Election

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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