(Aug 13): Turkey’s lira slumped for a fourth day to a new record low, with the selloff spreading to other emerging-market currencies, after the country’s president showed no signs of backing down in a standoff with the US.

The lira tumbled as much as 11% against the dollar in thin trading in Asia, before trimming losses after the nation’s Banking Regulation and Supervision Agency stepped in to limit swap transactions on the battered currency. Turkey will announce measures to calm markets on Monday, according to Treasury and Finance Minister Berat Albayrak, Hurriyet newspaper reported.

“Turkey’s friction with the US is weighing on the lira, and is unlikely to improve anytime soon,” said Takashi Kudo, head of financial markets research at Fujitomi Co in Tokyo. “Concerns are also growing about European financial institutions due to their exposure to Turkey. All in all, emerging-market currencies are under weakening bias from all those problems.”

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