Turkish Lira Drops to Record Low Against the Dollar

The Turkish lira fell by 0.2% to a record low of 19.8050 lira to the dollar on Thursday, following days after President Recep Tayyip Erdoğan's surprising victory in the Turkish presidential elections. The lira has declined over 1% since the elections held on May 14. The currency lost 44% of its value in 2021 and 30% in 2022, mainly due to the unconventional economic policies followed by Erdoğan. Erdoğan's recent election performance has caused upheaval in the markets, which were betting on the end of his more than two-decade rule.