The Turkish lira is not in the pink of health, and as a result, it's corporate sector that had borrowed heavily in dollars faces debts it is unlikely to be able to repay, besides a looming banking crisis that will stoke the country's high inflation rate and could push the economy into a recession.

Experts have blamed President Recep Tayyip Erdogan's bizarre and idiosyncratic economic strategies for the mess. And as ever, US President Donald Trump is always ready to make matters worse — he has doubled import duties on steel and aluminium, sending lira into a free fall, threatening to impose more economic sanctions. And global markets are feeling the heat of this soured friendship, as a host of currencies, including the rupee, fell to their all-time lows on the back of lira.