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Turkish lira plummets against the dollar

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Turkish lira plummets against the dollar

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The Turkish lira has come under renewed pressure and fallen to a new low against the US dollar.

The drop is a major blow for the ruling party just weeks before elections.

Markets are unsure of Turkey’s economic direction under President Recep Tayyip Erdogan.

Markets are further spooked by the possibility that Deputy Prime Minister Ali Babacan, seen as a safe pair of hands, could lose his cabinet position after the June election.

The lira has lost almost 16 percent in value against the dollar over the last three months.