Turkey’s lira falls to 19.67 to the US Dollar, a record low

Turkey’s lira falls to 19.67 to the US Dollar, a record low.

Meanwhile, The Turkish lira sank to a near record low as weekend elections looked headed for a runoff, while the Thai baht rallied after a more decisive election result.

The euro was up 0.24% against the dollar on Monday at $1.087, rebounding after falling 1.54% the previous week.

That helped send the dollar index, which measures the greenback against six major peers, down 0.18% to 102.51. That was just below a five-week high of 102.75 touched earlier in the session.

However, the current president also stated that if there is a second vote, he is ready for it. Meanwhile, ultra-nationalist candidate Sinan Ogan, who won about 5% of the vote in Turkey’s presidential election, said he believed the election would likely continue into a second round on May 28. The stock market index in the country “BIST 100” (BIST 100) had declined to its highest level in 3 months, registering a decline of 6.4%, it is mentioned that the economic reports expected strong declines for the lira after the elections.

Alvin Tan, head of Asia FX strategy at RBC Capital Markets, said a pick-up in U.S. bond yields over the last two days had supported the currency.

U.S. yields rose on Friday and Monday after a University of Michigan survey of consumers’ long-term inflation expectations jumped to the highest since 2011. That put a possible Fed rate hike next month back in play, with traders laying down those odds at 17%.

Tan said: “U.S. interest rates have risen, as the Michigan inflation expectations was stronger than expected, number one, and number two, (Fed officials) seem to be consistently hawkish by emphasizing that the Fed has no plan to cut interest rates.”

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In previous statements, the Turkish president, Recep Tayyip Erdogan, said that there is still a chance for him to win enough votes in the first round of the presidential elections to exceed the 50% threshold and achieve a final victory, although he expressed his hope that the elections would end in the first round.