ISTANBUL: The Turkish lira traded steady against the US dollar on Tuesday, after hitting a record low in the previous session on Moody's downgrade and concerns over a dispute between Ankara and Athens in the eastern Mediterranean. The currency stood at 7.4850, as of 0446 GMT, nearly flat from its close on Monday - when it hit an all-time low of 7.5010.

On Friday, the ratings agency said Turkey's external vulnerabilities are likely to result in a balance of payments crisis and that its fiscal buffers were eroding as the agency cut the sovereign rating deeper into junk territory.