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.