Turkish lira tumbles as İmamoğlu's detention shakes markets
Following the detention of İstanbul Mayor Ekrem İmamoğlu and more than 100 others, the Turkish lira lost value against all major currencies, with the US dollar and euro reaching record highs.
For the first time, the US dollar surpassed 41 liras, peaking at 41.64, while the euro rose above 44 lira, hitting a record 44.88.
However, the lira later regained some ground, with the dollar falling to 38 lira and the euro dropping to 42 lira. Economists attribute this recovery to intervention by the Turkish Central Bank.
The currency turmoil also triggered a surge in gold prices, with the price of one gram of gold exceeding 4,000 liras for the first time in history.
After the Central Bank’s intervention, gold prices gradually declined, dropping below 3,800 liras per gram.
The Borsa İstanbul stock exchange's BIST 100 index opened the day with a 6.87% decline, starting at 10,060.48 points.
İstanbul mayor detained on multiple charges as he prepared to challenge Erdoğan for presidency
(HA/VK)