This was a weakening further from Thursday’s 5.55.
The decline comes amid Turkey’s rift with the US.
They have been at loggerheads over the detention of US evangelic pastor Andrew Brunson on terrorism charges.
Turkish Finance Minister Berat Albayrak has defended Turkey’s situation in a speech in which he promised to “transform” Turkey’s economy.
He also said monetary and fiscal policies are now under the same leadership, resulting in a more “efficient and powerful” ministry.
Turkish president Recep Tayyip Erdoğan tried to downplay concerns of the economy and told Turks “not to worry”.
Follow the Express.co.uk blog below for live updates:
3.55pm update: Erdogan repeats line from earlier speech on foreign-currency savings.
He said: “If there is anyone among you who has gold, dollar, euros under your pillows, you should take it to banks and sell for liras.”
3.50pm update: Erdogan’s son-in-law and Turkey’s finance minister tried to ease fears about the country’s economy
He said: “One of our principles will be ensuring the full independence of monetary policy.”
Investors worry about the president’s unorthodox economic policies.
3.48pm update: Erdogan discusses economy during speech
The president said: “Turkey will grow at a record pace again in 2018 despite the economic warfare” it’s facing.”
3.31pm update: Commentators wondering if Erdogan will say anything in the speech to settle investor’s nerves.
Bloomberg anchor Caroline Hyde said: “Erdogan second speech of the day…will he say anything to steady investor’s nerves? This as the Lira continues to plummet and contagion ramps up in Europe.”
3.25pm update: Erdogan is in political stronghold, Gumushane
The area voted overwhelmingly for Erdogan during June presidential elections.
Erdogan has 77.7 percent support in the area.
It is the second spot in the list of places Erdogan visits to “thank” voters.
3.24pm update: Erdogan makes second speech of the day
He is currently talking about infrastructure.
3.22pm update: Turkey’s banks dangerously reliant on short-term foreign debt
Country risks full-blown crisis unless drastic measures are taken to stabilise lira.
Erdogan has refused to accept austerity measures or call International Monetary Fund to restore credibility.
3.17pm update: Erdogan about to take the stage
The president is about to make another speech on the crisis.
3.10pm update: Still no word from Erdogan
The Turkish president is due to make another speech but appears to be running late.
3.06pm update: Turkish steel hit HARD by first round of Trump tariffs
The higher rates announced by the US President today will add more pressure.
Other big steel producers like Canada and Mexico received exemptions to earlier tariffs.
Turkey did not which meant it was dealt a bigger blow.
The country’s steel exports to the US fell more than half in the first five months of the year.
Turkey is the sixth biggest steel producer in the world.
3.03pm update: European bank stocks with exposure to Turkey PLUMMET
UniCredit fell as much as 6.6 percent when it resumed trading.
The Italian bank said bout Turkey: “The credit-led growth model seems to be running out of steam.”
3.00pm update: Turkey’s BIST 100 Index Falls as Much as 8.8 percent – which is the most in 2 Years
The lira plummeted the most since 2001, causing losses among the world’s major currencies.
2.55pm update: Euro sinks after a report that the European Central Bank (ECB) was growing concerned about the exposure of banks to a dramatic slide in the Turkish lira
The Financial Times reported that the ECB had concerns about banks in Spain, Italy and France and their exposure to Turkey’s woes.
Head of FX strategy at Westpac Banking Corp in New York, Richard Franulovich, said: “You’ve had a fairly sharp move lower in the euro and it’s broken through key technical levels as well.”
The euro dropped below technical support at $1.15 to $1.1421, down 0.91 percent on the day and the lowest since July 2017. Against the yen, the euro slid 1 percent to 126.79 yen, a two-month low.
2.52pm update: Erdogan urged Turks to help defend the country against “economic war” against the country
Erdogan appealed to a crowd in the city of Bayburt to exchange dollars and gold for Turkish lira to prop up the plunging currency.
2.50pm update: Erdogan due to make another speech
The speech was scheduled to take place at 4:30pm local time (2:30pm London BST).
Stay posted for when it starts.
2.46pm update: The lira has not surpassed the Argentine peso as the worst performer of 2018
The lira’s meltdown has hit emerging market currency.
Argentina’s peso is down almost 4 percent versus the dollar, the South African rand is dropping 2.4 percent and the Hungarian forint 1.7 percent lower. The Mexican peso and Brazilian real are both down 1.5 percent.
2.45pm update: Erdogan speaks with Putin
The two leaders spoke to discuss economic ties.
2.30pm update: Donald Trump tweets that he has authorised doubling Turkish tariffs
Donald Trump tweeted: “I have just authorised 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! Aluminium will now be 20% and Steel 50%. Our relations with Turkey are not good at this time!”
Shares of Turkish steelmakers Kardemir and Erdemir plunged as much as eight percent and 9.9 percent respectively after Trump’s tweet.
12.12pm update: Euro plunges to lowest level for years
The euro fell to its lowest level since July 2017 and the dollar rallied as Washington piled pressure on Ankara and Moscow. The lira went into free-fall, sinking more than 10 percent to all-time lows.
European stocks looked set to start well in the red, following losses in Asia and U.S. futures.
Spreadbetters indicated London’s FTSE was set to open 4 points lower at 7,738, Frankfurt’s DAX 17 points lower at 12,660 and Paris’ CAC 11 points down at 5,491.
U.S. S&P mini-futures were down 0.4 percent, after modest losses on Wall Street overnight.