ISTANBUL (AP) — Turkey’s lira currency has opened higher against the U.S. dollar on Monday after a repeat election for mayor in Istanbul ended months of uncertainty with a landmark opposition win in the country’s largest city.
The dollar USDTRY, -1.2917% traded at 5.738 lira Monday, up 1.5%, hours after opposition candidate Ekrem Imamoglu swept to victory in Istanbul, defeating a candidate backed by President Recep Tayyip Erdogan and marking the first major change in the city’s administration for 25 years.
Tens of thousands of opposition supporters joined celebrations in a party atmosphere at organized and spontaneous gatherings across Istanbul after the results were announced Sunday.
Imamoglu won the mayoral ballot in March, but a repeat was ordered by the country’s election commission, citing procedural irregularities.
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