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Forex - Turkish lira, stocks plunge after election results

Published 06/08/2015, 06:48 AM
Updated 06/08/2015, 06:48 AM
© Reuters. Forex - Turkish lira, stocks plunge amid political uncertainty

Investing.com - The Turkish lira plunged to an all-time low against the U.S. dollar on Monday, after the country's ruling Justice and Development Party, or AKP, lost its parliamentary majority after 13 years in power.

The Turkish lira tumbled after President Recep Tayyip Erdogan and his party failed to win a majority in Sunday’s national elections for the first time in more than a decade.

According to local media, the ruling AKP party was on track to win approximately 41% of the vote with almost all of the ballots counted.

That means the party is facing a minority or coalition government for the first time since coming to power in 2002, fuelling concerns that political uncertainty will destabilize the country.

USD/TRY rose to a record-high of 2.8095 and was last up 4.02% to 2.7683 during U.S. morning hours. The euro also rose to an all-time peak against the Turkish lira. EUR/TRY hit highs of 3.1179 and was last up 4% to 3.0786.

Meanwhile, Turkey’s benchmark BIST 100 Stock Index was down 6.2% after having tumbled more than 8% immediately after the open, while 10-Year government bond yields jumped 4.3 basis points, or 4.69%, to 9.59%.

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