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Turkey is also one of Qatar's top customers for non-oil exports, according to Qatar Chamber.

The US-Turkish economic war has led to unforgiving retaliations from both ends.

"There has been a lot of hot money coming in on the construction sector in Turkey and a building boom", said Harry Broadman, director of the Council on Global Enterprise and Emerging Markets and senior fellow at Johns Hopkins' Foreign Policy Institute. Inflation has soared, hitting 16 per cent in July, and some estimates put it at more than 100 per cent now, owing in part to the currency crisis.

"You now have another huge selloff in EM, which has been exacerbated by Trump's willingness to jam on more and more sanctions when countries are having trouble in the market - like adding to the sanctions on Turkey", Haidar said.

"The worst of the broader contagion fears is likely behind us, and we do not expect further knock-on effects from Turkish concerns for the major currencies or for global financial markets more broadly", said Erik Nelson, currency strategist at Wells Fargo Securities in NY.

The Turkish Finance Ministry said earlier that both ministers discussed US sanctions imposed on Turkey, which have worsened a row between the North Atlantic Treaty Organisation allies and sent the lira currency to a record low against the dollar.

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Brunson is at the center of a diplomatic spat between North Atlantic Treaty Organisation allies Turkey and the United States, which has helped trigger a Turkish currency crisis.

Brunson, a 50-year-old Christian pastor, was detained two years ago in Turkey on spying charges, and faces up to 35 years in prison if found guilty.

The Russian foreign minister claims that the USA increased use of sanctions will erode the dollar's role as the top reserve currency.

China's blue chip index shed 1.4%, while Hong Kong stocks lost 1.6% as the local dollar fell to the limits of its trading band.

"The tariffs that the United States placed on Turkey were out of national security interests, theirs are out of retaliation", she noted, refusing to reveal USA further actions to respond to Ankara's statement.

Investors are anxious that about Mr Erdogan's control over the central bank and his pressure to keep it from raising interest rates.

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In a video of the hearing, Clark can be seen making several outbursts and calling the charges against him "lies". It is still at 61 percent containment at 61 percent containment at over 201,000 acres.

The White House said on Wednesday that it would not remove steel tariffs on Turkey, appearing to give Turkish authorities little incentive to work for the release of Andrew Brunson, a pastor on trial in Turkey on terrorism charges.

But the United States insists Andrew Brunson, a long-time Turkish resident who ran the tiny Izmir Resurrection Church, is "a victim of unfair and unjust detention".

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4%, a day after it hit its lowest level in a year.

He said many emerging market countries have improved their basic economic policies and regulations, and markets are differentiating between Turkey and these others.

Also helping the Turkish currency are moves by Turkey to gain favour with European countries.

Back then the Turkish ambassador to Qatar noted: "Sheikh Tamim bin Hamad al-Thani was the first leader to call President Erdogan and express support to our government and Turkish people". Erdogan held a similar conversation with German Chancellor Angela Merkel on Wednesday.

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