The Turkish Lira retreated against the U.S. dollar in the European session on Monday, after having gained traction from Sunday's referendum that grants sweeping new powers to the President of Turkey.

The outcome reduced prospects of an early election and expands the powers of the president's office, potentially enabling him to remain in power till 2029.

The Lira eased to 3.6800 against the greenback, from a 2-week high of 3.6234 set at the beginning of today's trading. The pair ended last week's trading at 3.7288.

US Dollar vs TRY (FX:USDTRY)
Forex Chart
From Apr 2024 to May 2024 Click Here for more US Dollar vs TRY Charts.
US Dollar vs TRY (FX:USDTRY)
Forex Chart
From May 2023 to May 2024 Click Here for more US Dollar vs TRY Charts.