The Turkish Lira depreciated against the U.S. dollar during the European session on Tuesday, as the nation's President Recep Tayyip Erdogan promised more rate cuts despite high inflation.

Erdogan said on Monday that the government would continue cutting the rates and that higher borrowing costs would only make "the rich richer and the poor poorer."

The Turkish Lira fell to 16.76 against the greenback, its lowest level since December 2021. The currency is seen finding downside target around the 18.00 level.

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