Turkish Lira Edges Higher Against Dollar After President Calls For Snap Elections

The Turkish lira edged higher against the dollar Friday after Turkish President Recep Tayyip Erdogan said he would like to hold snap elections on Nov. 1. The call for elections came after Erdogan and his Justice and Development party -- known locally as AKP -- again refused a request from the opposition to form a new government. The Turkish lira has been one of the worst-performing currencies vs. the dollar in 2015, shedding about 25% of its value so far this year. The currency hit its most recent all-time low of about 3.01 lira to the dollar late Wednesday, Eastern Time. One dollar bought 2.91 lira in recent trade, little-changed from its level late Thursday in New York.