Trump doubles tariffs on Turkish steel and aluminum

Erdogan says attempts to exert economic pressure on Turkey futile

Turkey's turmoil hits Wall Street as the Dow Jones Industrial Average fell more than 200 points. It was last up 0.7 percent at 96.173.

Investors sold stocks and bought bonds, which pushed interest rates lower. Lower rates make lending less profitable for banks.

The lira dropped by over 11 percent in value in one day on Friday morning to almost six lira per dollar.

The currency has fallen 66 per cent since the start of the year, pushing up the cost of goods for Turkish people and shaking worldwide investors' confidence in the country.

The lira added to losses after U.S. President Donald Trump said he had authorized higher tariffs on steel and aluminum imports from Turkey.

The lira went into free-fall, sinking more than 12 percent at one point to reach and all-time low, having now lost more than one third of its value this year against the United States dollar and the euro. Markets are deeply concerned over the direction of economic policy in Turkey where inflation has hit almost 16 percent while the central bank remains reluctant to raise rates in response.

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Inflation stands at almost 16% but Turkey's central bank is reluctant to act - especially with the president having described himself as an "enemy of interest rates".

He said Turkey was not afraid of "threats" and added Turkey had "alternatives" for economic cooperation in many places "from Iran, to Russian Federation, to China and some European countries".

According to Jefferies analysts, Turkey contributed 14 percent to BBVA's first-half group profits and 9 percent to UniCredit's consolidated profit, although their capital exposure is limited. Citigroup retreated 2.8 percent to $69.94.

Earlier, the rupee opened with a steep fall at 68.82 against Thursday's close of 68.68 at the Interbank Foreign Exchange (Forex) market in the midst of global developments. NextEra Energy climbed 1.1 percent to $172.65 and Duke Energy rose 1 percent to $81.61. It fell yet further to 6.2 to the dollar at 12.54 GMT, almost 12 per cent weaker on the day. Britain's FTSE 100 sank 0.6 per cent to 7,692. This week alone, it has lost about 15 per cent. MSCI's emerging market currency index dipped 0.7% to hit its lowest in a year. In July, the president warned in a tweet that the U.S. The euro fell to $1.1444 from $1.1542.

LOSING GROUND: When the dollar gets stronger, it hurts US companies that get a lot of revenue from overseas. "Look at what we were 16 years ago and look at us now", he said. The main cause was an increase in housing prices.

The benchmark six-month forward premium payable in December declined to 112.50-114.50 paise from 114-116 paise and the far-forward June 2019 contract moved down to 260-262 paise from 262-264 paise previously.

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