Turkish lira trades below 6.0 against dollar after US comments

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The charge d'affaires at the USA embassy in Turkey, Jeffrey Hovenier, visited Brunson on Tuesday and called for his case, and those of others detained in Turkey, to be resolved "without delay" and in a "fair and transparent manner". But the White House does not plan to lift the metals tariffs, which Sanders said were a national security issue.

The lira, which earlier this week traded at well over seven to the dollar, was at 5.8 against the dollar and 6.7 against euro on Friday.

The Turkish lira built upon Wednesday's gains, when Qatar pledged to invest $15 billion in Turkey.

Last week, Trump announced on Twitter that he had green-lit a doubling of steel and aluminum tariffs on Turkey, and warned that U.S. relations with Turkey "are not good at this time!"

The lira has lost almost 40 percent of its value against the dollar this year, driven by worries over Erdogan's growing influence on the economy and his refusal to raise interest rates despite high inflation. "The central bank has not done this through a change in the benchmark rates, but they are squeezing liquidity, so the result is the same", he said.

Mr Albayrak will also meet his German counterpart Olaf Scholz in Berlin on Sept 21.

In another element of the row with Washington, a US court sentenced a senior executive of state-owned Turkish lender Halkbank to 32 months in prison in May for taking part in a scheme to help Iran evade USA sanctions.

Halkbank has said all of its transactions were lawful and Albayrak played down the risk.

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"You work with us in Afghanistan, Somalia and North Atlantic Treaty Organisation, and then you go stab your partner in the back", he said earlier this week.

The two North Atlantic Treaty Organisation allies are at an impasse regarding the detention of an American pastor, differing views on Syria, and Turkey's purchase of Russian military equipment.

Local Turkish social media has been awash this week with footage of people smashing their iPhones in protest of US President Donald Trump and his recent sanctions on Turkey.

Bilateral ties have spiraled into a full-blown crisis over the trial of Andrew Brunson, a Christian pastor, who is accused of having links with perpetrators of a failed military coup against Erdogan in 2016.

President Erdogan has urged Turks to shore up the currency by not trading in dollars and euros.

However, Turks appeared not to be heeding his appeal. In response, Erdogan has called for a boycott of USA electrical goods while Ankara has sharply hiked tariffs on some U.S. goods.

The lira had plunged to record lows on Monday, but has since clawed back some of its losses, not only after the retaliation on tariffs, but also after the Turkish Central Bank announced banks would be given help to keep money moving around the system.