April 1, 2019 / 4:22 AM / 22 days ago

Turkish lira weakens 1.2 percent after local elections

ISTANBUL, April 1 (Reuters) - The Turkish lira weakened 1.2 percent against the dollar early on Monday after local elections in which President Tayyip Erdogan’s AK Party lost control of the capital Ankara and appeared to concede defeat in the country’s largest city, Istanbul.

At 0416 GMT, the lira stood at 5.62 against the U.S. currency, having weakened as far as 5.63, compared with a close on Friday of 5.5550. The currency swung wildly tmsnrt.rs/2CEaO11 and Turkish stocks and bonds sold off in the week ahead of elections.

Reporting by Daren Butler Editing by Jonathan Spicer

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