The Turkish lira fell to 17.20 against the dollar on Thursday, falling for the fourth consecutive session, heading towards record lows hit in December after a series of unconventional interest rate cuts.

By 05:27 UTC, the lira recorded 17.1975, a slightly weaker level compared to yesterday's close at 17.17, and the Turkish currency lost 23% of its value against its American counterpart this year after a 44% drop last year.

This comes at a time when Finance Minister Noureddine 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 consumer price index "inflation" in Turkey, last May, reached 2.98% on a monthly basis, 73.50% on an annual basis.

This came in data published by the Statistics Authority, on Friday, indicating an increase in the producer price index, during May, by 8.76% on a monthly basis, and by 132.16% on an annual basis.

The consumer price index increased by 39.33%, and producer prices by 80.38%, compared to the rates of the last 12 months.