Turkish lira, stock market drop after Istanbul mayor and Erdogan rival arrested

The Turkish lira hit a record low against the dollar and the BIST 100 stock index dropped 7% after Istanbul mayor Ekrem Imamoglu, a rival of President Erdogan, was arrested on terrorism and organized crime charges. Imamoglu, a leading opposition figure, was expected to run for president and his party rejected the charges as a coup attempt to prevent the nation from choosing its next leader. The arrest led to economic turmoil in Turkey, with the currency plunging and stocks seeing significant losses.

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