Actually with tapering of QE in US not taking place yet it means that there will be hot money flowing around for a while longer and the money that was being withdrawn from emerging markets anticipating tapering will now flow back in.
This means that in short term the Turkish Lira etc will strengthen and interest rates will not have to go up to encourage inflow of money
The recent weakening of the lira was a perfect storm of : fear of tapering, imminent Syrian intervention, Turkish current account deficit and political unrest in news.
The fear of QE reduction will occur again in advance of the next 3 month fed review. As Turkey and other emerging economies cannot make changes to their structural economic issues within 3 months we will likely see the same emerging market currencies weaken - maybe even more and by then interest rate hikes will be very likely.
Of course events can always interfere