ISTANBUL, April 24 (Reuters) – The Turkish lira hit its weakest intraday level against the dollar since mid-October on Wednesday as investors weighed up risks generated by challenges to Istanbul election results and strains in relations with the United States.

Market attention was also turning to the Turkish central bank’s rate-setting meeting on Thursday, when it was expected to keep its policy rate unchanged at 24 percent.

The lira weakened as far as 5.8792 from a previous close of 5.83, bringing declines this year to 10 percent. Dollar strength contributed to the lira weakening. It was the weakest level since Oct. 15, excluding a brief overnight “flash crash” in January.

“Assessments of the Istanbul election challenges are continuing, this is a risk. Also, U.S. relations