The Turkish lira has been going through torrid times recently.
Yesterday, it broke a whole series of records against the major currencies as it weakened to 2.66 against the euro, 3.11 against sterling and 1.99 against the US$.
The central bank of Turkey has not calmed the markets with its two most recent interest rate hikes. Despite holding a $350 million forex auction on Thursday, market jitters were not calmed.
Along with Turkey, the currencies of Indonesia, Malaysia and Thailand and India all hit multi-year lows.
Now, only a large increase in interest rates will stem the tide of heavy selling.