Argentine peso in free-fall despite central bank rate hike to 60 percent

Argentine peso in free-fall despite central bank rate hike to 60 percent Reuters By Hugh Bronstein and Jorge Otaola BUENOS AIRES (Reuters) - Argentina's peso lost as much as nearly one-fifth of its value on Thursday despite the central bank's hiking its benchmark interest rate to a dizzying 60 percent as investors panicked over President Mauricio Macri's handling of an economic crisis. Onerous borrowing costs combined with government spending cuts and a drought that crippled the agricultural sector this year have slammed Latin America's third-largest economy. The post Argentine peso in free-fall despite central bank rate hike to 60 percent appeared first on Firstpost. FirstPost Unsubscribe from these notifications or sign in to manage your Email Applets.