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The accelerated lira sell-off also deepened concerns about the exposure of banks to Turkey, particularly whether highly indebted companies would be able to pay back loans taken out in dollars and euros after years of overseas borrowing to fund a construction boom under Turkish President Tayyip Erdogan.

On Friday, the euro sagged to a 13-month low against the dollar, down 0.7 per cent to $1.1450, after the Financial Times reported that the European Central Bank was anxious about possible losses at eurozone banks operating in Turkey.

"It is wrong to dare bring Turkey to its knees through threats over a pastor", Erdogan told a rally in the Black Sea town of Unye. "You prefer a pastor to a strategic ally of yours in North Atlantic Treaty Organisation".

American evangelicals have pressed Mr Trump for action on Pastor Brunson, who was held in prison for nearly two years but was recently moved to house arrest.

TRY remains under heavy pressure as US-Turkey talks continue.

The meetings came as Turkey seeks to stanch an economic meltdown amid fallout from US sanctions imposed last week over the continued detention of the pastor, Andrew Brunson, who was jailed on espionage and terrorism suspicions more than two years ago and recently released to house arrest.

One of the hard issues affecting U.S.

White House spokeswoman Lindsay Walters later clarified, "As he stated, the president has authorized the preparation of documents to raise tariffs on imports of steel and aluminum from Turkey".

The tensions with Washington have, for investors, underscored Turkey's authoritarian trajectory under Erdogan.

One dollar bought as much as 6.43 lira today, after slipping about 40 percent this year.

He railed against "those waging economic war" against Turkey.

Emergency declared in Virginia prior to 'Unite the Right' rally
Two Virginia state troopers also died in the crash of their helicopter during the events . During this time, removal of Confederate statutes were taking place across the country.

On Saturday he repeated his call to Turks to help support the lira to win what he described as a "war of independence".

"If there are dollars under your pillow, take these out".

"They say we will not give this or that".

The Turkish lira plunged on Friday, raising questions about the country's financial stability, as investors anxious about the president's unorthodox economic policies and a dispute with the United States that has led to sanctions.

"In that sense, the Turkey situation can be a contagion not only in Europe but across emerging markets", Anderson said. Financial upheaval there risks further destabilising an already volatile region.

The New York Times suggested that Trump could also be trying to offset the effects of Turkey's weakened currency on the existing tariffs.

"Unless the United States starts respecting Turkey's sovereignty and proves that it understands the dangers that our nation faces, our partnership could be in jeopardy". According to a source in Erdogan's office, the two said they were pleased with the positive direction in their economic and trade ties and with the ongoing cooperation in the energy and defense sectors.

The White House followed through on that threat on August 1 and sanctioned two top Turkish officials linked to Brunson's ordeal.

"Moving forward, we will abide by the same principle: Attempting to force my government to intervene in the judicial process is not in line with our Constitution or our shared democratic value", he warned. It is host to a critical part of the Western alliance's missile defense system against Iran.

"The basic reason the exchange rate has gone off the rails is that confidence in the management of the economy has disappeared both domestically and overseas", said Seyfettin Gursel, a prominent economist and a professor at Turkey's Bahcesehir University. "I am afraid there will be a bank run in Turkey, people rushing to withdraw their deposits".

Analysts suggest Erdogan could have Washington in mind, given Ankara is demanding the extradition of US -based Turkish cleric Fethullah Gulen, who is blamed for masterminding the botched 2016 military takeover.


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