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Brutal Argentina-Turkey sell-off engulfs EM peers; Peso hits all-time low

Peso hits an all-time low, policy makers raise benchmark rate to 60%

currency plunge in Argentina

The massive currency plunge in Argentina and Turkey deepened, spurring a sell-off in emerging

The peso tumbled to a record low, prompting Argentine policy makers to raise the nation’s benchmark rate to 60 per cent from 45 per cent. In Turkey, a report that the central bank’s deputy governor was set to resign sank the lira. South Africa’s rand extended its slide, sending volatility to its highest since December 2016 amid a controversial land reform debate. Brazil’s

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First Published: Aug 31 2018 | 2:03 AM IST

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