As President Recep Tayyip Erdogan begins his third term in office, the Turkish lira tumbled to a fresh record low on Wednesday, extending its slide against the US dollar, the Associated Press reported.

The lira weakened by more than 6 per cent on Wednesday hitting 23.15 against the dollar. The decline took the currency's loss since the appointment of Erdogan's new government to 8 per cent. The currency has weakened by around 20 per cent since the start of the year.