LONDON, May 29 Reuters Turkey39;s lira wobbled near record lows against the dollar as President Tayyip Erdogan secured victory in the country39;s presidential election on Sunday, extending his increasingly authoritarian rule into a third decade.

The currency was at 20.05 to the dollar during Asian hours, just shy of the 20.06 record low hit on Friday.

The lira, prone to sharp swings before regular trading hours, has weakened more than 6 since the start of the year and lost more than 90 of its value over the past decade with the economy in the grip of boom and bust cycles, rampant bouts of inflation and a currency crisis.

Since a 2021 crisis, the authorities have taken an increasingly handson role in foreign exchange markets with daily moves having become unnaturally small and mostly recording a weakening while FX and gold reserves have dwindled.

The current set up is just not sustainable, said Tim Ash at BlueBay Asset Management. With limited FX reserves and massively negative real interest rates the pressure on the lira is heavy.

Erdogan prevailed despite years of economic turmoil which critics blame on unorthodox economic policies which the opposition had pledged to reverse.

An Erdogan win offers no comfort for any foreign investor, said Hasnain Malik, head of equity research at Tellimer.

Only the most optimistic would hope that Erdogan now feels sufficiently secure politically to revert to orthodox economic policy.

Erdogan39;s surprisingly strong showing in…