Following a police raid on the residence of Ekrem Imamoglu, the influential opposition mayor of Istanbul, the Turkish lira fell to its lowest level ever against the US dollar on Wednesday.
After the mayor, a major opponent of President Recep Tayyip Erdogan, was arrested in connection with a corruption investigation—a move his opposition CHP party called a “coup”—the currency was trading at 39 liras to the dollar.
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