Turkey's local currency, the lira, fell below 16.55 against the dollar on Monday, taking its losses to more than 20% this year, as concerns about annual inflation - which rose to a 24-year high - weighed on sentiment.
By 05:32 GMT, the lira fell to 16.56 per dollar.
The recent losses brought it back towards the record lows recorded on December 20, in a currency crisis triggered by a series of unconventional interest rate cuts in late 2021.
The lira plunged 44% last year, and was the worst performer in emerging markets for several consecutive years, mainly due to concerns about the Turkish government's economic and monetary policy.
No rate hike
This comes at a time when Turkish Finance Minister Nureddin al-Nabati said - during a speech to members of parliament from the ruling Justice and Development Party - that his country is not considering reducing or raising interest rates in the near term.
The local Milliyet newspaper quoted Nabati as saying that he expected the inflation rate in Turkey by the end of this year to range between 48% and 49%.
And the US Bloomberg news agency indicated that the program to support the exchange rate of the Turkish currency - in the face of its foreign counterpart by linking lira deposits to the exchange rate - cost the budget about 21.1 billion liras ($ 1.27 billion).
The Minister of Finance said that the government does not intend to calculate the effects of the possible increase in oil prices on consumers until the end of this year.
Economic data, released last week, indicated that the inflation rate in Turkey rose last May at the fastest pace since 1998, amid pressures due to high food and energy prices.
The Turkish Statistical Authority stated that consumer prices rose at an annual rate of 73.5% last May, compared to 70% in April.