Turkish Lira plunges to 3 against US dollar for first time

The Turkish Lira weakened to fresh record lows against the dollar early on Aug. 20, briefly touching a level of 3 against the dollar for the first time, before recovering to 2.96. 

Political uncertainty and conflicts in the country's southeastern regions have had a negative impact on investor sentiment and caused the lira to plunge to record lows.

The currency has lost around 20 percent of its value against the U.S. dollar so far this year, making it one of the worst performing emerging market currencies.