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turkish lira hits record low amid political turmoil and investor concerns
The Turkish lira plunged to an all-time low against the U.S. dollar and euro, depreciating by about 10% following the detention of Istanbul Mayor Ekrem İmamoğlu, a key political rival of President Erdoğan. This event has heightened investor concerns over Turkey's political stability and economic policies, leading to a nearly 9% drop in the BIST 100 index. In response, the central bank intervened by selling a record amount of foreign currency to stabilize the lira.
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