The Turkish lira fell more than 4% after the Turkish central bank decided to keep the rates steady to fall as low as 4.9377 against the US Dollar.

Turkey’s central bank decided to keep rates unchanged on Tuesday disregarding rapidly rising inflation. The decision surprised the markets and it is likely to deepen investors concern over the independence of Turkish central bank a month after President Erdogan’s re-election.

Turkey’s lira and bonds have rebounded from record lows earlier on July on speculation the country’s central bank will look past President Recep Tayyip Erdogan’s calls for lower borrowing costs.