The Turkish currency has fallen to a historic low against the dollar amid uncertainty about the outcome of the upcoming elections in the country, RBK reports.

The exchange rate of the dollar against the Turkish lira reached an all-time high of 19.91 lira on May 11. On May 12, Turkey's national currency continues to trade near its minimum value.

Experts believe that behind the sharp increase in volatility of the Turkish currency are fears about the uncertainty regarding the outcome of the presidential election and uncertainty about the potential change of government and how the authorities will manage the exchange rate in the future.

If Erdogan wins the election, the U.S. currency could rise to 23 liras per dollar.

In the scenario of opposition leader Kemal Kılıçdaroğlu winning the election, the Turkish lira could also continue to fall in the short term.

Last year, the Turkish lira fell by about 23% against the dollar as the Turkish Central Bank cut interest rates.