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Turkish Lira Drops to 20.05 against US Dollar


Sun 28 May 2023 | 11:39 PM
Taarek Refaat

Turkey's lira dropped to 20.05 against the U.S. dollar on Sunday.

This came hours after President Tayyip Erdogan claimed victory in the country's presidential election, into his three-decade rule.

The lira hit record low on Friday to 20.06 gainst the greenback. 

Meantime, The Turkish currency has weakened more than 6% since the start of the year 2023. 

The value of the Turkish lira has deteriorated over the past years, and the total decline in the value of the local currency has reached about 89% since 2014.