MSCI’s index of emerging market shares rose 0.1 percent in an Easter holiday-shortened week, but pared some gains as China shares closed lower.
Asian equities had hit one-year lows overnight as they tracked Wednesday’s global falls and Tencent results disappointed
Turkey hiked Wednesday tariffs on imports of several key US products in retaliation for American sanctions against Ankara.
Ankara acted amid increased tension between the two NATO allies over Turkey’s detention of a pastor and other diplomatic issues, which have helped to send the lira tumbling to record lows against the dollar.
The lira bounced another 5 percent, sharply extending Tuesday's gains as authorities further tightened the screws on foreigners aiming to short the currency.
Turkey’s lira pulled back from a record low of 7.24 to the dollar on Monday after the central bank pledged to provide liquidity.
Three, four, five, six? What next?
US President Donald Trump said Friday he had doubled steel and aluminum tariffs on Turkey.
Turkey's lira weakened against the dollar on Wednesday, hit by concern about President Tayyip Erdogan's grip on monetary policy.
The Turkish lira plunged to a record low on Monday after the Trump administration said it was reviewing Turkey's duty-free access to the U.S. market.
The dollar index against a basket of six major peers rose 0.1 percent to 93.670.
Most emerging market currencies climbed on Wednesday, with China’s yuan and South Africa’s rand both touching more than two-year highs.
The Turkish lira hit record lows in value against the US dollar as investors took fright over an impending trial in the U.S. and changes to banking regulations.