A man checks the exchange rate at a money exchange shop in Istanbul on May 24, after the Turkish lira's fluctuations (XINHUA) 

In August, the Turkish lira dropped sharply by 18 percent, the biggest in a single day since the Turkish financial crisis in 2001. The fall of the lira came after Trump's announcement that the tariffs on steel and aluminum imports from Turkey would be doubled. Turkey is the eighth largest steel producer in the world and the sixth largest source of U.S. steel imports.

In total, the lira lost more than 35 percent of its value against the U.S. dollar this year, prompting concerns that Turkey's economy, which is heavily reliant on foreign currency loans, could affect other emerging markets.

Copyedited by Sudeshna Sarkar 

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