Stocks close lower amid Turkish currency crisis

Stocks close lower amid Turkish currency crisis

But Sanders, at a Tuesday press briefing, declined to say how the USA government plans to apply more pressure on Ankara, which repeatedly has ignored calls from Trump and others to free Christian pastor Andrew Brunson.

Tensions between the two North Atlantic Treaty Organisation allies have intensified amid a dispute over the detention of Andrew Brunson, whom Turkey accuses of aiding a failed coup.

Relations between the two North Atlantic Treaty Organisation allies have plummeted in one of their worst crises in decades after the detention of USA pastor Andrew Brunson on terror-related charges, sending the Turkish lira into free fall against the dollar.

White House National Security Adviser John Bolton met with Turkey's ambassador to the US, Serdar Kilic, in Washington earlier this week to discuss the potential release of Brunson.

The move is seen as retaliation for the United States' decision to sanction two Turkish ministers over the detention of an American pastor on terror-related charges, and to double tariffs on Turkish steel and aluminum imports.

That was a rare Trump understatement, as the two countries face sharp differences on the case of Brunson and other detained Americans, Erdogan's consolidation of power, US support for Kurds in Syria, growing Turkish relations with Russia, Turkey's evasion of USA sanctions and more.

Turkey's President Recep Tayyip Erdogan gestures prior to delivering a speech in Ankara, Turkey, Tuesday, Aug. 14, 2018.

President Recep Tayyip Erdogan vowed to boycott iPhones in a demonstration of defiance as the USA held firm to its demand that Turkey release an evangelical pastor and Turkish executives called for action to bolster the lira. "If they have iPhones, there is Samsung on the other side". "Erdoğan asked Trump for help with the lady in prison in Israel".

Turkey's weakened currency, the lira, plunged by a full 20 percent in response.

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The rupee on Monday crashed by 110 paise, which is its biggest single-day fall in five years ending at a lifetime low of 69.93. The rupee has been among the worst performing currencies against the dollar compared with its peers so far this year.

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And, as for Banks, well, her inflammatory history speaks volumes, so it's probably best to take all of this with a grain of salt. Banks claimed she was invited to Musk's property to work on music with his girlfriend, but they kept stringing her along.

Since January, the Turkish lira has lost more than 34 percent of its value against the dollar, pushing up the price of everyday items.

Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency.

In a televised speech on Friday, he called on Turkish citizens to exchange foreign currency and gold for lira, calling it an "economic war". Turkish economy's body is solid.

Turkish business groups have begged Turkish President Recep Tayyip Erdogan to ease up in his feud with the United States as the Turkish currency continues to struggle. "The drop by the Turkish lira may have stopped, but the country is yet to tackle the fundamental problems facing it, and this has kept market sentiment subdued", said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.

Erdogan also namechecked Vestel Venus phones as a home-built alternative for his countrymen to buy - a move that helped the shares of the company to rise nearly 5 percent.

CONTAGION: "If you go back to the taper tantrum in 2013, there was concern about the so-called "fragile five" countries that had relied on foreign investment to finance their growth-India, Indonesia, Brazil, Turkey and South Africa". This has caused the dollar to increase, the lira to fall, and Turkish bond yields to rise.

Russia's Foreign Minister Sergei Lavrov, who is visiting Ankara, branded the U.S. sanctions an illegitimate policy at a news conference on Tuesday.

"In the end, it doesn't make economic sense for him, it doesn't make political sense for him, to deny his people the best products that they're used to", Rao said.

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