Argentina's interest rate hiked to 60% to counter currency woes
World BusinessAug 31, 2018
Argentina's Central Bank hiked its benchmark interest rate from 45 to 60 percent on Thursday in a dramatic but fruitless bid to shore up the peso, which plunged to a record low against the dollar.Despite the bank's extraordinary measure to impose one of the world's highest benchmark rates, the currency lost a further 13.5 percent by the close -- its biggest daily loss of the year.The Argentine currency has now lost 53 percent of its value since the beginning of the year, to trade at 39.87 to the