Recording the lowest level ever against the US dollar, the Turkish lira continued its downward trend, recording a marked decline during today's dealings.

The lira fell by more than 3% to 10.40 against the United States dollar, thus equating to more than a tenth of the lira, an unprecedented level.

This coincided with a surge in emerging market currencies, today, where the main index measuring the combined value of these currencies recorded the largest daily decline since mid - August.

In addition to the Turkish lira, losses were concentrated in the South African rand, the Mexican peso and the Russian ruble, where the decline in these currencies ranged from 1% to 2%.

Today's lira decline, driven by the central bank's forecast to lower the main interest rate to 15% from 16%, during the current week, while inflation is still near 20%.

The lira has reportedly lost 27% of its value this year, the worst-performing currency in emerging markets, due to investor concerns about President Recep Tayyip Erdogan's influence on monetary policy and what many economists call an "early and risky facilitation cycle."

It should be noted that the Turkish President often calls for lower interest rates to boost the economy, and made changes to the Bank's leadership, including the removal of his Governor in March, and three other members of the Monetary Policy Committee last month.