Turkish currency buoyed by Istanbul election result

Supporters of Ekrem Imamoglu, the candidate of the secular opposition Republican People's Party, CHP, celebrate in central Istanbul, Sunday, June 23, 2019. In a blow to Turkish President Recep Tayyip Erdogan, Imamoglu declared victory in the Istanbul mayor's race for a second time Sunday after Binali Yildirim, the government-backed candidate conceded defeat in a high-stakes repeat election. (AP Photo/Lefteris Piarakis)

ISTANBUL — Turkey’s lira currency has opened higher against the U.S. dollar after a repeat election for mayor in Istanbul ended months of uncertainty with a landmark opposition win in the country’s largest city.

The dollar traded at 5.717 lira Monday, up nearly 2%, hours after opposition candidate Ekrem Imamoglu swept to victory in Istanbul, defeating a candidate backed by President Recep Tayyip Erdogan and marking the first major change in the city’s administration for 25 years.

Tens of thousands of opposition supporters joined celebrations in a party atmosphere at organized and spontaneous gatherings across Istanbul after the results were announced Sunday.

Imamoglu won the mayoral ballot in March, but a repeat was ordered by the country’s election commission, citing procedural irregularities.

The Associated Press