– Emerging market currencies were hit on Monday, as turmoil gripping financial markets over Turkey’s currency crisis drove investors into safe haven currencies, including the U.S. dollar, yen and Swiss franc.

The lira fell to a record low against the dollar overnight, with USD/TRY hitting 7.0303, before pulling back to 6.8434 still up 6.87% for the day.

The lira pared back some of its losses after Turkey’s central bank pledged to provide liquidity and cut lira and foreign currency reserve requirements for Turkish banks.

An escalating trade dispute with the U.S. has seen the lira tumble more than 40% this year, and lose a fifth of its value against the dollar in the last week alone.

The currency has also been pressured lower by worries about President Tayyip Erdogan’s increasing control over monetary policy and the economy.

The selloff has sparked investor fears over companies’ exposure to the Turkish currency and economy. The European Central Bank warned Friday that a number of euro zone banks might be exposed to the sharp decline in the lira.

The shift away from riskier assets bolstered safe haven demand for the greenback, weighing on emerging market currencies

South Africa’s rand fell to a two-year low against the dollar, with USD/ZAR hitting 15.4645 in overnight trade, before pulling back to 14.4929.

Russia’s ruble fell to its lowest level since mid-April 2016 against the dollar as falling oil prices and concerns over the impact of a fresh round of U.S. sanctions weighed.

India’s rupee hit a record low against the U.S. currency, with USD/INR hitting 69.79.

Reuters reported that the Reserve Bank of India staged a mild intervention to curtail volatility overnight.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was trading near 14-month highs at 96.30, after gaining 1.33% last week.