Turkey rejected a USA appeal calling for the release of an imprisoned American pastor, but an upper court still needs to rule on that appeal.
Pastor Andrew Brunson, who has lived in Turkey for more than two decades, was detained in 2016 after a government crackdown following a failed coup attempt.
The Turkish lira weakened to 5.86 against the dollar on Friday from its previous close of 5.8150 as investors weighed up a U.S. warning that Turkey should expect more economic sanctions unless it hands over detained American pastor Andrew Brunson.
Turkey's currency, which had recovered from record losses against the dollar earlier in the week, was down about 5% against the dollar on Friday.
World stocks rose on Friday as news of plans for US-China trade talks soothed nerves over their tariff war, while the recovery in Turkey's lira ran out of steam.
The Qatari government already felt the need to pledge $15 billion in funding to prevent the collapse of the Turkish lira and try to stabilize them in this time of crisis. "We have more that we're planning to do if they don't release him quickly".
"They have a great Christian pastor there".
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Gallego said that Brunson's lawyer had indicated he would be willing to take his client's case to the constitutional court.
The two North Atlantic Treaty Organisation allies have traded tit-for-tat sanctions over the pastor's house arrest.
The Trump administration said it would use a section of U.S. law that allows for tariffs on national security grounds to impose the increased duties.
Finance Minister Berat Albayrak, the son-in-law of President Recep Tayyip Erdogan, addressed hundreds of foreign investors from the United States, Europe and Asia via a conference call in a bid to soothe the markets.
Turkey's finance chief tried to reassure thousands of worldwide investors on a conference call on Thursday, in which he pledged to fix the economic troubles.
Ankara, for its part, wants Washington to extradite Fethullah Gulen, a Muslim cleric based in Pennsylvania who Turkish authorities say orchestrated the 2016 coup attempt in which 250 people lost their lives.
Whatever action the United States does take, economists said it looked likely to cause more pain for Turkish assets in the immediate future.
Turkey on Wednesday doubled tariffs on several USA goods, including alcohol and tobacco products and cars, after Trump increased US tariffs on Turkish aluminum and steel imports to 20 percent and 50 percent, respectively.