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Turkey's President Recep Tayyip Erdogan, gestures as he delivers a speech to Turkish ambassadors at the Presidential Palace in Turkey, Monday, Aug. 13, 2018.

Investors are anxious not only about Turkey's souring relations with the US, a longtime North Atlantic Treaty Organisation ally, but also Erdogan's economic policies and the country's high debt accumulated in foreign currencies.

He insisted that Turkey's economy remains strong and said the currency would soon settle "at the most reasonable level". It was not clear when the court would consider the appeal.

The lira recouped some losses after hitting a new record low early today on concerns about a deepening rift with the United States.

Investor confidence was also boosted as Turkish Minister of Treasury and Finance Berat Albayrak announced he would hold a conference call with investors from the United States, Europe and the Middle East on Thursday, his first since assuming the post two months ago.

Bayer plunged 11 percent in Frankfurt after a shock US ruling against its subsidiary Monsanto.

Brunson faces up to 35 years in jail if found guilty. It also doubled tariffs of steel and aluminum imports.

He said the crash of the lira, sparked by his bitter dispute with the U.S., was a "political plot" against Turkey and warned that Ankara would now seek new markets and partners, AFP reported. "If they have iPhone, the other side has Samsung".

It was unclear how Erdogan meant to enforce the boycott.




TURKISH TURMOIL: Investors are uneasy over whether Turkey's government can cope with a plunging currency, a diplomatic spat with Washington and other problems.

"After a large sell-off triggered by the rout in Turkey, some investors may have bought emerging currencies on dips", said Toru Nishihama, Tokyo-based emerging-market economist at Dai-ichi Life Research Institute Inc.

Why is Erdogan mad at the United States?

The business groups also urged the drawing up of a roadmap to reduce inflation.

A USA pastor standing trial in Turkey on terrorism charges has appealed again to a Turkish court to release him from house arrest and lift his travel ban, his lawyer told Reuters on Tuesday.

The currency was sent into freefall on Friday, crashing by over 20% to a fresh record low during a frantic session of trading that wreaked havoc in the foreign exchange markets.

The lira was around 6.55 per dollar Tuesday, up 6 percent from the previous day, when the central bank freed up cash for banks.

Another lira collapse on Sunday night hit Asian shares and drove global demand for the safe-haven dollar, Swiss franc and yen.

Barely moving lines of mainly Arab tourists snaked outside the Chanel and Louis Vuitton stores in Nisantasi, an upscale Istanbul neighbourhood, waiting to reap the benefits of a meltdown that saw the currency lose 18 percent on Friday alone.


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