The Turkish lira hit its firmest in 2-1/2 months against the dollar on Monday, after the Justice and Development Party (AK Party) returned to power in the 26th general elections on Sunday.

The Turkish lira was quoted at 2.78 against the dollar in early trade, up 4.4 percent from Friday's close of 2.9135. It was the strongest level since mid-August.

The AK Party regained its majority in the parliament after securing nearly 50 percent of votes in Turkey's 26th general election Sunday, with a landslide victory.