Mubasher: The Turkish lira continued to decline on Thursday, nearing its lowest exchange rate against the dollar in 10 months, in the wake of the state of emergency being declared for three months.

The lira dropped 0.7%, to TRY 3.054per dollar by 7:35am GMT.

Today, Turkey entered the first full day of the three-month-long state of emergency following Friday night's failed army coup attempt.

Standard & Poor’s (S&P) lowered Turkey's foreign currency rating to BB from BB+ with a negative outlook due to political uncertainty.