The Turkish Lira fell sharply against the U.S. dollar during the European session on Monday, as investors awaited a rate reduction by Turkey's central bank on Thursday.

The benchmark lending rate is expected to be reduced by 50 basis points to 10.25 percent.

Turkish Treasury and Finance Minister Berat Albayrak said that the government is set to announce financial and economic measures this week as the number of confirmed cases tripled to 18.

The Turkish Lira fell to a 1-1/2-year low of 6.4072 against the greenback from Friday's closing value of 6.3306. If the Lira falls further, it is likely to test downside target around the 6.7 region.

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