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Erdogan again urged Turks to convert their US dollars into the Turkish currency - the lira - to give it a boost as it continues to drop in value.

The US doubled tariffs last week over Turkey's refusal to extradite a US pastor who is imprisoned there.

"When the dollar turned in the second quarter we had a really weak EM market", Said Haidar, founder and chief investment officer, at NY hedge fund Haidar Capital Management, said.

U.S. Charge d'Affaires Jeffrey Hovenier talks to members of the media after visiting USA pastor Andrew Brunson, who is being held under house arrest in Izmir, Turkey, Tuesday, Aug. 14, 2018.

"They are squeezing lira liquidity out of the system now and pushing interest rates higher", said Cristian Maggio, head of emerging markets strategy at TD Securities.

"Rates have gone up by 10 percent".

"That Turkish support for Qatar during the stand-off with Saudi Arabia finally paid off", Tim Ash, a senior emerging-market strategist at BlueBay Asset Management LLC in London, said by email.

Another potential flash point this week will be an appeals court decision on the fate of Andrew Brunson, the evangelical pastor Erdogan accuses of aiding a coup attempt against him two years ago.

Turkey has been rocked in recent days by a sharp decline in the value of its lira after US President Donald Trump tweeted last Friday that Washington was doubling aluminium and steel tariffs for Ankara.

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Meanwhile, both local and foreign brands operating in Turkey are preparing to increase the price of their products in a move to adjust to the exchange rate.

Ankara has sharply increased tariffs on certain U.S. imports, some of them more than double, in response to Washington's "deliberate attacks" on the Turkish economy amid a widening dispute between the two North Atlantic Treaty Organisation allies.

The currency strengthened some 3 percent against the dollar on August 16, trading at around 5.75 per dollar, hours before Turkey's treasury and finance minister were scheduled to reassure worldwide investors about the economy.

"The president has a great deal of frustration on the fact that Pastor Brunson has not been released as well as the fact that other United States citizens and employees of diplomatic facilities have not been released", said White House Press Secretary Sarah Sanders.

Turkey and Qatar have traditionally maintained good ties and Ankara stood by Doha after Saudi Arabia and other Arab states severed diplomatic, trade and travel ties with Qatar past year, accusing it of financing terrorism - a charge Doha denies.

President Donald Trump has repeatedly called for a weaker USA dollar in a bid to help US exporters, but his recent trade policies, including the imposition of import tariffs on some Turkish goods, have had the opposite effect of strengthening the greenback. Brunson was moved to house arrest in July 2018.

If Brunson is not released, the next escalatory measure by the U.S. would most likely be targeted sanctions on businesspeople with close ties to President Recep Tayyip Erdoğan. An upper court had yet to rule on the appeal, his lawyer told Reuters.

Turkish Finance Minister Berat Albayrak, who is Erdogan´s son-in-law, and his Qatari counterpart Ali Sharif Al-Emadi were present at the talks in the capital Ankara.