"The dollar is really going to struggle to hold onto gains," said Mazen Issa, senior foreign exchange strategist at TD Securities.
"The Fed has made it clear in no uncertain terms that they intend to look through transitory inflation factors and they are not perturbed by these moves," said Issa.
The lira weakened as far as 7.4540 against the US currency from a close of 7.3425 on Tuesday and stood at 7.4320 at 1400 GMT. After strong gains until mid-February, the lira has retreated back to end-2020 levels.
The rouble would be under pressure from political risk in the run-up to the weekend, but could gain a foothold near 76 to the dollar, Sberbank CIB analysts said in a note.
The Australian Office of Financial Management (AOFM) is due to outline its latest borrowing plans on Friday, which could include a syndication of new bond lines.