The Turkish Lira has firmed to 3.9 against the dollar, the firmest since Nov. 20, signaling a positive emerging market sentiment.

The dollar hit its all-time high against the lira last week at 3.9780 on Nov. 21, while the euro also renewed its record high at 4.6727, amid tensions between Turkey and the U.S. and Europe.

The euro remained at 4.66 against the lira Monday.

The stabling of the lira comes as a positive uptick for Turkey's economy, with hope it will arrest the plummeting trend which had endured over the last month.