President Donald Trump doubled tariffs on Turkish metals exports to the United States last week prompting Turkey, which says it will not bow to threats, to raise tariffs on USA cars, alcohol and tobacco by the same amount on Wednesday.
Albayrak's ministry said they had discussed US sanctions against Turkey and agreed to act together in responding to such moves and to boost cooperation between their countries.
It touched a record low of 7.24 to the United States dollar early on Monday, rattling global stock markets and threatening the stability of Turkey's financial sector.
Relations between Turkey and the United States are at a low point over the detention of Andrew Brunson, whom Turkish President Recep Tayyip Erdogan's government accuses of being involved in an attempted coup in 2016.
The U.S. says it may impose more sanctions against Turkey, as the diplomatic rift between the two countries deepens.
"Today some people are trying to threaten us through the economy, through interest rates, foreign exchange, investment and inflation", Erdogan told the congress of his ruling AK Party.
Turkish courts have rejected several appeals for Brunson to be freed and allowed to leave Turkey.
The White House host added that "we will pay nothing for the release of an innocent man, but we are cutting back on Turkey!"
More US sanctions for Turkey if they don't obey
Sanders said the sanctions on Turkish Interior and Justice Ministers "would not be removed" until the release of Brunson. US Treasury Secretary Steven Mnuchin told Trump on Thursday that more sanctions were ready if Brunson were not freed.
US threatens more Turkey sanctions if pastor not freed
Erdogan has called on Turks to exchange their dollars for lira in order to shore up the domestic currency. The Turkish lira built upon Wednesday's gains, when Qatar pledged to invest $15 billion in Turkey.
China to send negotiator to USA for trade talks this month
The offshore Chinese yuan rose briefly on the news against the dollar, strengthening to a high of 6.9165 before paring gains. The SCI 300 Index was up 0.59 per cent by mid-morning, having fallen as much as 1.8 per cent shortly after open.
The lira has weakened 35 percent against the dollar this year as the deterioration in ties between the North Atlantic Treaty Organisation allies fueled losses driven by concerns over President Tayyip Erdogan's influence over monetary policy.
Brunson has become a symbol of a growing rift between Turkey and the United States, but problems in the Cold War-era alliance as well as Turkey's own financial crisis are unlikely to dissipate even if he is released and Washington eases economic penalties.
"They should have given him back a long time ago", the president said. "Having said that, we fully support the president's approach".
The defiant leader hit out a day after ratings agencies Moody's and Standard & Poor's downgraded Turkey closer to junk status amid the currency crisis. "That's politics", he said.
"Because of the currency crisis in Turkey, investors are shifting funds from emerging markets to developed markets", said Shuji Shirota, head of macro economic strategy at HSBC Securities in Tokyo.
Turkish markets will be closed from midday on Monday for the rest of the week for the Muslim Eid al-Adha festival.
Pastor Andrew Brunson was swept up in the aftermath of a failed coup attempt in 2016.