Turkey has not approached the International Monetary Fund (IMF) to ask for financial assistance, a spokesperson said on Friday.
"We have received no indication from Turkish authorities that they are contemplating a request for financial assistance," IMF spokesperson Randa Elnagar said in an emailed statement.
Elnagar said the fund would have no comment on the sharp drop in the Turkish lira. "The IMF does not comment on day-to-day currency activity," Elnagar said.
The lira fell as much as 18 percent against the dollar amid a diplomatic row between Ankara and Washington with U.S. President Donald Trump deepening tensions by doubling tariffs on steel and aluminum imports from Turkey.
"I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20 percent and Steel 50 percent," he said in a Twitter post.
"Our relations with Turkey are not good at this time!" Trump said.
Meanwhile, the U.S. dollar exchange hit 6.41 early Friday before easing slightly, while it stood at around 5.46 as of 5 p.m. local time on Thursday.
The dollar/lira exchange rate was at the level of 6.46 at around 21.30 p.m. local time on Friday.