Turkiye lira trades flat after hitting 40 against dollar

ISTANBUL: The Turkiye lira traded flat early on Monday, after weakening overnight over news of a widening legal crackdown against the main opposition party.

The mayors of the big southern cities of Adana, Adiyaman and Antalya were detained as part of a corruption probe over the weekend, expanding a months-long legal crackdown that has expanded beyond its origins in Istanbul.

The lira touched a record low of 40 against the dollar late on Sunday during low-liquidity hours and later firmed to as much as 39.9, flat compared to its close on Friday.

The currency has weakened 11.3% so far this year on concerns over domestic politics and conflicts in neighbouring countries.