The Turkish Lira slipped against the U.S. dollar in the European session on Monday, as the sell-off in the emerging market assets continued on hopes for higher interest rates in the U.S. under Trump administration.

Trump's policy agenda of fiscal stimulus and protectionism raised expectations for higher inflation and interest rates in the U.S.

The Lira weakened to a 5-day low of 3.2982 against the greenback, compared to Friday's closing value of 3.2425.The Lira is likely to find downside target around the 3.3 mark.

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