KXIP vs KKR Live Score

The currency pulled back from a record low to the dollar on Monday after the central bank pledged to provide liquidity, but it remained under selling pressure and its meltdown continued to rattle global markets.

Similarly, the Vietnamese dong, which has been deemed as exposed to an intensification of hostilities between the United States and China over trade, also fell to a new all-time low against the dollar on Monday, with traders happy to seize on any excuse to sell. Tokyo's Nikkei 225 gained 1.8 percent to 22,255.98 and Seoul's Kospi added 0.4 percent to 2,257.65 Sydney's S&P-ASX 200 advanced 0.8 percent to 6,298.30. Benchmarks in Taiwan, New Zealand and Southeast Asia also advanced.

Erdogan predicted the lira would return to "rational levels" soon, stressing the fall had come as the effect of a plot rather than economic fundamentals. Most retailers were down, but Amazon advanced 0.5 per cent. The Standard & Poor's 500 index slid 0.7 percent to 2,833.28, ending a five-week winning streak.

The Nasdaq composite fell 19.40 points, or 0.2 per cent, to 7819.71.

Last week, Goldman Sachs said in a research note that a depreciation of the lira to 7.1 to the dollar would erode Turkish banks' excess capital.

The lira has tumbled as investors question whether President Recep Tayyip Erdogan's government can cope with problems including the weakening currency and a diplomatic spat with Washington that has resulted in higher USA tariffs.

Investors are anxious about a confluence of factors: the country's reliance on foreign loans that may stop flowing in as interest rates rise in other economies, like the U.S.; Erdogan's insistence that the central bank not raise interest rates, as most independent analysts say it should; and a spat with the U.S. that has led to sanctions and the fear of greater isolation from longtime allies in the West.

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However, the currencies of both countries, along with those of other emerging markets such as Indonesia, India and Russian Federation, have all found themselves under pressure, reflecting how contagion can spread through markets in the most unexpected of ways. The Argentinian peso sank to an all-time low amid investor caution and a local corruption scandal involving former government officials. Also, rising USA interest rates are drawing money out of emerging markets in search of higher returns.

ANALYST'S TAKE: Asian markets were "relatively more resilient" to Turkey jitters than South Africa and Latin America were, said Philip Wee and Radikha Rao of DBS Group in a report.

The latest blow came on Friday, when US President Donald Trump said he had approved the doubling of tariffs on Turkish steel and aluminium.

CHINA COOLING: Growth in factory output, consumer spending and retail sales in July were weaker than expected, adding to signs of an economic slowdown.

He added: 'We have seen our currency sales surge by 198 per cent compared with the same time previous year'. Investment in the first seven months of the year slowed to a record low and retail sales softened, data released on Tuesday showed. Forecasters have expected economic growth to decline since regulators tightened lending controls a year ago to rein in surging debt.

Tensions between the USA and Turkey, both North Atlantic Treaty Organisation allies, have reached new heights in the past week. The contract closed at $67.20 on Monday.

The Dollar benefitted from the ongoing EM turmoil hitting a one-year high of 96.50. The euro slipped to $1.1410 from $1.1411.