Turkish lira weakens after Trump says ‘no concessions’ with Turkey

The lira weakened against the US dollar in thin holiday trade on Tuesday, after U.S. President Donald Trump ruled out agreeing to any demands from Turkey to gain the release of a detained U.S. pastor.

In an interview with Reuters on Monday, Trump said he was not concerned that his tough stance could end up hurting European and emerging market economies.

The lira stood at 6.16 against the U.S. currency at 0707 GMT, down from a close of 6.0865 on Monday, when Turkish markets entered a holiday to mark the Muslim Eid al-Adha festival which continues for the rest of this week.

Turkish government officials did not comment on Trump’s remarks when they spoke after prayers to mark the start of the festival.

Trump said that, after he helped persuade Israel to free a detained Turkish citizen, he thought Turkish President Tayyip Erdogan would then release pastor Andrew Brunson, who denies Turkey’s allegations that he was involved in a plot against Erdogan two years ago.