Turkish Lira hits new low against US dollar

The Turkish Lira continued to slide on Monday, hitting a new record low against the US Dollar in early Asian trade.

Lira last traded down by around 5 percent against the greenback at around 6.74. It hit a fresh all-time low of 7.24, before recouping some losses after the Turkish government announced a plan to support it plunging currency.

On Sunday, finance minister Berat Albayrak told a local newspaper that the government had a plan in place and Turkish institutions would take "necessary steps" beginning Monday.

On Friday, the Lira closed nearly 16 percent down after US President Donald Trump announced on Twitter that he had approved metals tariffs on Turkey to be doubled, which exacerbated the economic crisis in the country.

Meanwhile, the New York Times reported that Turkey’s main banking regulator, BRSA, had curbed the ability of Turkish banks to swap Liras for foreign currencies.