One of the reasons for the lira's slide is the exclusion of Ali Babacan, viewed internationally as one of the more economically credible members of the Erdogan regime, from the cabinet.
Both currencies have lost out this year as the panic about emerging market assets grew. Yet, in the long term, the ruble is still likely to lose out as the currency of an oil exporter, while the Turkish currency should benefit as the economic effects of low oil prices help out the oil importing country.
For the lira, there is some light at the end of the tunnel, but much hangs on a crucial meeting of the country's central bank. The Central Bank of Turkey (CBT) has previously signaled that it will start normalizing its policy when the U.S. Federal Reserve starts raising interest rates, a move many expect in December.
"If the CBT does what it said it will on 22 December, we think that CBT action post the Fed hike should be both lira and equity supportive," analysts at Renaissance Capital, the emerging markets-focused fund, wrote in a research note.