Turkish lira weakens after authority rules to re-run Istanbul election

Turkey's High Election Board has decided to annul Istanbul vote results showing a painful defeat for President Tayyip Erdogan, and will re-run the local election, state-run media and a representative for the ruling AK Party (AKP) said on Monday.

The Turkish lira weakened after the AKP's representative on the election board, Recep Ozel, tweeted the decision that has kept Turks and investors in suspense since the March 31 elections.