The Turkish Lira surged up against the U.S. dollar on Monday, as the Justice and Development Party regained power in weekend elections, ending months of political instability since the inconclusive vote in June.
President Recep Tayyip Erdogan’s AKP party had won 49.4 percent of the vote, while the main opposition centre-left Republican People’s Party got 25.4 percent.
The AKP is predicted to get 316 seats in the 550-seat parliament, which could pave way for the formation of majority government on its own.
The Lira advanced to 2.7579 against the greenback, its strongest since July 31. The currency has thus advanced 5.16 percent from Friday’s closing value of 2.9078. The Lira is likely to challenge resistance around the 2.73 zone.
The material has been provided by InstaForex Company – www.instaforex.com