Turkey’s lira plunges to record low after Erdogan rival’s detention

Turkey’s lira fell as much as 12.7 per cent to an all-time low of 42 to the dollar on Wednesday, with bonds and stocks also tumbling, after authorities detained President Tayyip Erdogan’s main political rival .

The move against Istanbul mayor Ekrem Imamoglu was called “a coup attempt” by the opposition and appears to cap a months-long legal crackdown on opposition figures which has been condemned as a politicised attempt