Turkish Lira Slumps on US Visa Row

The Turkish lira dropped some 5% at the Asian open today after the US suspended all non-immigrant visa services in its Turkish consulates and Turkey responded as relations deteriorated.
Although Thomson Reuters has the official high at 3.7694, multiple sources report trading in USD/TRY above 3.80, with some reporting trades at 3.85 and 3.88. The market had opened at 3.6150.
Sources report the market functioned well with good liquidity and reasonable volumes and ticket sizes being executed – spreads were naturally wider.