Turkish Lira hits record lows on hotly contested presidential elections

The Turkish lira hit two-month lows against dollar and approached record lows amid the hotly contested presidential elections, with the voting likely moving to a second round to decide the winner. 

According to official media, Erdogan got 49.42% of the vote so far after opening over 99.38% of voting boxes, while his contender Kemal Kılıçdaroğlu got 44.95% of the vote. 

As no one has gotten over 50% of the vote to win outright, the vote will move to a second round. 

Lira's Price

Turkish lira's price fell 0.5% today to 19.70 against US dollar, the lowest in two months, before paring losses to 19.65, while on track to mark the worst performance this year. 

Following the destructive earthquake which hit Turkey in March, Lira hit record lows at 19.80. 

Turkish Elections

Voters poured in voting booths in Turkey yesterday in one of the most crucial elections in modern Turkish history, and will decide whether Receb Erdogan will extend his already two decades in power. 

Erdogan

Erdogan said that counting votes is still ongoing inside and outside of Turkey and no one yet knows the exact final tally, and he'll respect the people's wishes if they chose to move to a second round. 

Parliamentary Elections

Initial results for the Turkish Parliamentary elections showed the ruling coalition with 49.31% of the vote.

The main opposition party got 35.18% of the vote, while a batch of socialist and Kurdish parties got about 10.52% of the votes.