Erdogan's re-election causes Turkish lira to hit record low.

Turkey's lira weakened towards a record low after Recep Tayyip Erdogan won a presidential runoff election, extending his time as the nation's longest-serving leader in a tenure that has increasingly alienated foreign investors. Erdogan's unorthodox approach to interest rates has left markets beholden to an unpredictable mix of ad-hoc regulations and interventions, with new measures introduced informally and on a near-daily basis. The lira fell 0.6% to 20.10 per US dollar as of 6:10 p.m. in Istanbul, a record low on a closing basis. Wall Street analysts see more weakness ahead, with Morgan Stanley warning it may slide 29% toward 28 per dollar by the end of the year should Erdogan decline to change course.