Currencies of emerging market continue their fall on Monday under influence of deepening crisis in Turkey, Reuters reports.

Turkish lira fell to record low level due to rising tensions in relations between Turkey and the US. Another wave of decline was caused by President Trump on Friday, when he announced higher sanctions towards Turkish export of steel and aluminum.

Investors are afraid that other global currencies will be influenced by lira’s selloff. Euro, South-African rand and Mexican peso are already falling.

Lira fell to $7,2400 during the morning trading in Asia. South-African rand is at the lowest level since 2016, Russian ruble broke two-year minimum level.

Indian and Indonesian rupiah fell as well.

Dollar and Japanese yen have been showing growth being a safe heaven.

Euro fell among concerns in regards to connection of some banks in euro area with Turkish lenders. Such banks include Spanish BBVA, Italian UniCredit and French BNP Paribas.