Turkey’s lira fell by 7%

Baku. 5 May. REPORT.AZ/ Turkey’s lira slumped to a two-month low - 7% against the dollar after officials said the prime minister would step aside, delivering a fresh reversal to a roaring 2016 emerging-markets rally.

Report informs, the dollar was up 3.9% Wednesday afternoon at 2.9589 lira, its highest level since late February. The move came after officials said Turkish Prime Minister Ahmet Davutoglu was stepping down from his post and as head of the nation’s ruling party.

Analysts forecast that the rate will exceed the level of 3.00 TRY/USD if the political crisis continues.