Turkish Lira turns positive, as Istanbul slips out of Erdogan’s hand

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Turkish Lira turns positive, as Istanbul slips out of Erdogan’s hand

On Monday, the 1st of April 2019, the Turkish currency had strengthened, eased some of its earlier losses after President Tayyip Erdogan’s AK Party had lost control of the Turkish capital of Ankara and the largest city Turkish City, Istanbul, following Sunday’s (March 31st) local election.

After falling as much as 1.6 percent during the early trade to 5.7001, lira stood firmly against American dollar to 5.45 during the mid-day US trading hours. While preparing this report, April 1st, GMT. 23.00, the Turkish currency had ended the day 1.13 percent higher against the US dollar to 5.5037.

Last year, the Turkish Lira had nose-dived more than 30 percent against the American Dollar and Turk economy had also dipped in to a recession. In the wake of a recurrence of last year’s currency crisis, the Turkish currency had been swinging wildly in the past six trading days.

Following the reveal of the results from the voting polls in Ankara and Istanbul, Turkish stock exchange became buoyant and ended the day 1.0 percent higher, as investors remained optimistic over transforming reforms following two landmark losses of ruling AK Party.

If the election results stand, they would remark a loss of control for AK Party and its Islamist Predecessors over the two largest Turkish cities for the first time in three decades and could trigger a significant overhaul of nation’s tumultuous economy.