US dollar/Turkish lira parity regresses to under 4.60

By Satuk Bugra Kutlugun

ANKARA (AA) - The U.S. dollar-Turkish lira parity regressed to 4.58 after President Recep Tayyip Erdogan's election success late Sunday.

After 4.68 parity closing on Friday in U.S. markets, the U.S. dollar/Turkish lira parity regressed about 2 percent after Turkish elections.

According to unofficial results, with 98.56 percent of ballots counted, Erdogan got 52.52 percent of the vote.

The AK Party-MHP People’s Alliance also apparently secured a parliamentary majority with a combined vote of 53.59 percent.

According to analysts, now that uncertainty in Turkish elections is over, the Turkish lira would gain even more strength against the U.S. dollar. The volatility on parity is expected to slow down.