Meanwhile, in the U.S., the dollar strengthened, gaining 0.68%. While this contrasted the deep drawdown of the Turkish lira, market experts are wary that the issues in Turkey could have a ripple effect on other economies around the globe.
“With the dollar strengthening, when we see these emerging market crises, even though people talk about idiosyncratic risk–one country to the next–it never works out that way, they all correlate,” said CNBC Contributor Ron Insana.
For more investment strategies, visit the Rising Rates Channel.