White House condemns Turkey's tariffs on U.S. imports

Turkey currency crisis: Central bank announces measur.. stability; Erdogan terms lira crash 'political plot'

Turkey currency crisis: Central bank announces measur.. stability; Erdogan terms lira crash 'political plot'

Analysts say the crisis has been a long time coming and reflects Turkey's refusal to raise interest rates to curb double-digit inflation and cool an overheated economy.

Ankara acted amid increased tension between the two North Atlantic Treaty Organisation allies over Turkey's detention of a Christian American pastor and other diplomatic issues, which have helped send the lira tumbling to record lows against the dollar.

In recent days, Qatari supporters of Turkey have begun a public campaign in Doha to change their riyals into lira in an attempt to shore up the plunging Turkish currency. The currency picked up 6 percent and strengthened briefly at just under 6 to the dollar.

President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Ankara, which says it will not bow to threats, to raise tariffs on U.S. cars, alcohol and tobacco by the same amount yesterday. "We have to serve better quality goods than we are importing from [the U.S.]", Erdogan continued.

As NPR explained in a primer on the dispute, much of the ill will shared by Turkey and the US stems not only from the back-and-forth on tariffs, but also from a diplomatic dust-up centered on two men of faith. Turkey's exports to the United States previous year amounted to $8.7 billion, making it Turkey's fifth-largest export market.

Indian rupee drops to 19.03 vs UAE dirham
BSE's Sensex was trading higher by 226.50 points at 37,871.40 at 1 pm, while Nifty 50 was up 77.85 points to trade at 11,433.60. He said the RBI has spent about $23 billion so far to intervene in the market.

American pastor Andrew Brunson, if convicted, faces a jail term of 35 years. A higher court is still to rule, his lawyer told Reuters. He's lived in Turkey for more than 20 years and is accused by the Turkish government of terrorism and spying. White House press secretary Sarah Sanders that Washington will withdraw sanctions on Turkey if Brunson was set free. "The tariffs are specific to national security", she said.

On Wednesday, a Turkish court rejected his latest appeal to be released from house arrest.

The Turkish currency began to recover after authorities this week took steps to help bank liquidity and limit swap transactions.

Three big companies operating in Dogubank, a trade centre specializing in the sales of electronic products in central Istanbul, suspended $50 million worth of iPhone orders, the Turkish daily said.

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