Turkish Lira Drops To Record Low Against U.S. Dollar As Erdogan Wins Runoff Election

The Turkish lira dipped against the U.S. dollar on Monday, as Tayyip Erdogan won the country's presidential run-off election on Sunday.

Erdogan attained 52 percent of the vote in the second round of voting, whereas his opponent Kemal Kilicdaroglu got 47.86 percent.

The win gives him another five-year term, extending power until 2028.

The Turkish lira touched a record low of 20.07 against the greenback from yesterday's close of 19.87.