The Turkish lira strengthened 2 percent to level at 4.59 against the U.S. dollar in early Asian trading on Monday as markets welcomed President Recep Tayyip Erdoğan's re-election on hopes of increased political stability.
Erdoğan garnered more than 52 percent of the votes with more than 98 percent of ballot boxes opened while his ruling Justice and Development Party's (AK Party) alliance with the Nationalist Movement Party (MHP) managed to win the majority in the parliament.
