The lira has lost more than 40 percent in value this year over fears about the handling of Turkey's overheating economy and a dispute with the United States over the fate of a jailed American pastor. However, concerns over the sell-off in lira has hit markets assets across the globe, including knocking emerging market currencies to multi-year lows.
The South African rand was the biggest affected, plunging by more than 10 percent at one point before recovering to sit at 14.51 versus the dollar. The rand is now weakened to levels not seen since 2016.
The Indian rupee weakened to an all-time low of 69.62 per dollar in early trade according to Reuters data before recovering to 69.695 following the actions of the Turkish central bank. Reuters also reported that the Indonesian rupiah touched its weakest level in nearly three years before the country's own central bank intervened to support the currency.