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The Turkish lira is at its weakest against the dollar since this date

The Turkish lira hit its weakest against the dollar since mid-October on Wednesday, as investors weigh the risk of objections to the election results in Istanbul and strained relations with the United States.

The market's attention shifted to the meeting of the Central Bank of Turkey scheduled for Thursday to decide on interest rates, when the bank is expected to keep interest rates unchanged at 24 percent.

The lira dropped to 5.8792 from the previous close of 5.83, bringing the currency down to 10 percent since the beginning of the year.

This is the lowest level since October 15, with the exception of a brief "crash" in January. (CNBC)

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