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The recent sell-off in the lira has been fuelled by investor concerns over Erdogan's grip on monetary policy under a new powerful executive presidency and the ongoing row with the United States.

On Friday the currency dropped as much as 18% at one point, the biggest one-day fall since a 2001 financial crisis in Turkey.

This week was interesting also because, after several months, banking stocks showed some life, particularly SBI and ICICI Bank.

The currency is down 40 percent just this year, shaking global investors' confidence in the country.

It hit arecord low after Trump announced he had authorised higher tariffs on imports from Turkey, imposing duties of 20 percent on aluminum and 50 percent on steel. What possible reason could there be behind the lira which was at 2.8 against dollar in July 15, 2016 to slide below 6 yesterday?

Aksoy also said Turkey wants to solve the issues through diplomacy, dialogue, good intentions and bilateral understanding. Financial upheaval risks further destabilising an already volatile region.

Tariffs on Turkish aluminum are to be increased to 20 percent and steel tariffs are to be moved up to 50 percent, according to Trump. He threatened the United States with an "Ottoman slap" if they continue to stand in the way of the Turkish incursion into northwest Syria. He denies the charges.

Erdogan Friday held telephone talks with Russian President Vladimir Putin, discussing economic and trade issues as well as the Syria crisis.

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The loved-up couple were pedaling around New York City when the Zoolander 2 actor appeared to grow distressed. The couple are devout Christians and have been going to church together since rekindling their romance.

Erdogan downplayed the currency crisis in a speech on Friday, advising Turks not to be anxious over exchange rate fluctuations.

"If you have dollars, euros or gold under your pillow, go to banks to exchange them for Turkish lira".

Turkey's economy is regarded as fragile because of its high debt, which the worldwide Monetary Fund estimates is 50 percent of its gross domestic product.

"Some countries have engaged in behaviour that protects coup plotters and knows no laws or justice", he said. "Hopefully we will overcome this disaster and we will also successfully overcome this economic war", Erdogan said.

In a New York Times article on Saturday, Mr Erdogan warned that Turkey would be forced to seek new friends.

In late NY trading, the euro fell to 1.1397 dollars from 1.1541 dollars in the previous session, and the British pound lost to 1.2760 dollars from 1.2845 us dollars in the previous session. "We care about the law, the language of the law", he said about the USA policy during a rally in the Black Sea city of Ordu hit by floods that harmed hundreds of homes and businesses. It is host to an X-band radar, a critical part of the Western alliance's missile defence system again Iran.

The Turkish lira has fallen more than 10 percent since last week when the United States slapped sanctions on two Turkish ministers. I am addressing the U.S. once again: it is a pity that you chose a pastor over your strategic partner in North Atlantic Treaty Organisation.

Relations between the USA and Turkey have not been helped by Turkey jailing an American citizen for an alleged attempted coup in 2016.


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