The lira hit a record low of 7.23 per dollar late Sunday after Erdogan remained defiant in his economic policies and the standoff against the United States, a North Atlantic Treaty Organisation ally.
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In the United States, early gains by technology giants such as Apple Inc, Amazon.com Inc and Google-parent Alphabet overshadowed declines in financial companies that are the most likely to be affected by the steep decline in the lira. "We have not made concessions on justice so far, and we will never make any".
The dispute with the U.S. has centered on the continued detention of an American pastor who is on trial for espionage and terror-related charges.
USA political and economic pressures helped push Turkish over the brink, but exchange-rate related downward pressure on the lira has been going on for many months. There is no economic reason ...
Yesterday, speaking to supporters in Trabzon on the Black Sea coast, Mr Erdogan dismissed suggestions that Turkey was in a financial crisis like those seen in Asia two decades ago.
The detention of an American pastor in Turkey has cast doubts over the future of partnership with Washington.
"We are together in North Atlantic Treaty Organisation and then you seek to stab your strategic partner in the back".
"The global financial system is so interconnected that we tend to think of them as a group and financials come under pressure", said Art Hogan, chief market strategist at B. Riley FBR in NY.
"EUR/USD will remain under downward pressure", say CBA who expect the USD to remain bid while emerging market stresses linked to Turkey remain.
Albayrak, who is Erdogan's son-in-law, didn't specify what the plan would involve.
Erdogan's son-in-law-said the government had prepared an action plan to restore calm.
"For the time being Turkey's financial crisis looks localised but the country's central bank has perhaps only days to stop the decline of the currency before the lira's freefall results in loan defaults, starts seriously affecting the country's financial system and potentially starts spilling over onto European banks", she said.
He also ruled out an agreement with the International Monetary Fund.
The lira resumed its nosedive after US President Donald Trump said he was doubling tariffs on imports of Turkish aluminium to 20 per cent and steel to 50 per cent.
"Politicians who act in good faith and advocate diplomacy will strengthen the Turkish people's confidence in our relations with Germany and the European Union", he added. Accession talks with the European Union have been suspended in response to alleged human rights and rule of law abuses; Washington has said Ankara's decision to buy Russian S-400 missiles was incompatible with Nato's defence systems; and Erdoğan has supported the Islamisation of Turkey. All in all, emerging-market currencies are under weakening bias from all those problems.
The rand slid more than 10 percent earlier in the day to hit a session low of 15.7000 per dollar, its weakest since June 2016. So, when the lira falls, the debt becomes more expensive.
Turkey contributes about one percent to the world's total economic output, slightly less than the Netherlands. Erdogan asked Washington. "What happened to you now?"
South Africa, Argentina, Mexico, Brazil and Russian Federation have all seen their currencies slip over the past week because, like Turkey, they remain heavily dependent on foreign capital, especially the dollar.