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The Turkish lira continues to rapidly depreciate in value against the US dollar after the Trump administration announced it was doubling tariffs on Turkish steel and aluminum last week.

Turkey's central bank tightened liquidity Tuesday while local retail accounts sold dollars to take profit from the lira's slide, buoying the currency.

Relations between the two North Atlantic Treaty Organisation allies have plummeted in one of their worst crises in decades after the detention of U.S. pastor Andrew Brunson on terror-related charges, sending the Turkish lira into free fall against the dollar.

"We can only say "good-bye" to anyone who sacrifices its strategic partnership and a half century alliance with a country of 81 million for the sake of relations with terror groups", Erdogan said. Overall this year, the lira has lost more than 40 percent against the dollar.

"After a large sell-off triggered by the rout in Turkey, some investors may have bought emerging currencies on dips", said Toru Nishihama, Tokyo-based emerging-market economist at Dai-ichi Life Research Institute Inc.

Brunson, who has been living in Turkey for more than two decades, was accused of helping supporters of Fethullah Gulen, the USA -based cleric who Turkish authorities say masterminded the 2016 coup attempt against President Tayyip Erdogan.

The minister also said a plan has been prepared for banks and the "real" economy, including small to mid-sized businesses which are most affected by the foreign exchange fluctuations. Turkey's FX reserves declined at an accelerated rate this year, due in part to the need to pay for imported oil in US Dollars, and are now below the level deemed sufficient by the International Monetary Fund in order to weather a full-blown economic crisis. While a stronger Dollar puts the U.S.in a weaker position in the ongoing trade war, investors continue to wonder whether Trump will make another attempt to drag the greenback lower. On Tuesday, one dollar was worth 7.2 lira.

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This is the latest chapter in a growing diplomatic rift between Turkey and the United States. "I believe in my nation", Erdogan vowed, the New York Times reported.

Erdogan has said that he thinks the lira would stabilize, but investors are not convinced.

European shares rebounded Tuesday as the Turkish currency firmed, thanks to reassurances from the Central Bank of the Republic of Turkey (CBRT) and the government.

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Brunson's lawyer, Ismail Cem Halavurt, said the court had up to seven days to decide.

Turkey's ambassador to Washington Serdar Kilic on Monday held talks with US National Security Advisor John Bolton in a meeting what Foreign Minister Mevlut Cavusoglu said was arranged by the White House.

At the weekend Trump said he had authorised the doubling of tariffs on Turkish steel and aluminium to 50 per cent and 20 per cent respectively.