ISTANBUL: The Turkish lira climbed to 5.7175 against the dollar on Wednesday after the opposition Republican People's Party (CHP) announced that its candidate for Istanbul mayor will head to the courthouse shortly to receive his mandate.
Turkish President Tayyip Erdogan's AK Party (AKP) is appealing to re-run the March 31 local Istanbul election, for which initial results showed a narrow victory for CHP's Ekrem Imamoglu. That would end 25 years of control by the AKP and its Islamist predecessors.
Recounts of votes in Istanbul ended on Wednesday. Imamoglu has said he expected to be installed as mayor despite the AKP appeal in Turkey's largest city.
The lira on Tuesday slipped to as far as 5.8250 against the dollar, its weakest level since March, but closed at 5.77.
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