The Turkish lira dropped by 2%, hitting an all-time low against the dollar, reaching 37.5 lira per dollar.
Turkish authorities have issued an arrest warrant for Istanbul's Mayor Ekrem İmamoğlu and over 100 others after his university degree was annulled, potentially barring him from running in the upcoming presidential elections.
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This decline in the lira marks the biggest daily drop since April of last year.
As of 07:24 GMT, the exchange rate for the lira was 37 per dollar, lower than its closing rate of 36.67 lira on Tuesday but slightly higher than its all-time low recorded on Wednesday morning.
This move comes amid rising political tensions, as İmamoğlu is a prominent opposition figure to Turkish President Recep Tayyip Erdoğan and a potential candidate in the upcoming presidential race.
Additionally, the main Istanbul Stock Exchange index, BIST 100, dropped by 7% during Wednesday's opening session, following the arrest of Istanbul's Mayor, according to the "turkiyetoday" website.
At the opening, the BIST 100 index fell by 741.75 points, or 6.87%, compared to its previous close, reaching 10,060.48 points.
The banking sector index fell by 7.02%, while the holding companies index dropped by 6.69%. All sector indices saw losses, with the telecommunications sector being the most affected, down by 7.56%.
Due to the BIST 100 index's decline of more than 5% at the opening, a trading halt mechanism was activated.
