Argentina's central bank on Thursday boosted its benchmark interest rate by 15 percentage points to 60% in an attempt to arrest a sharp drop by the peso, and said it wouldn't cut rates before December, according to news reports. The U.S. dollar traded at 36.994 pesos USDARS, +10.7833% a rise of 8.8% and had traded as high as 39.50 pesos, according to FactSet. The drop builds on a Wednesday plunge by the peso that followed a request by Argentina's president, Mauricio Macri, for the International Monetary Fund to speed up the payout of a $50 billion bailout package.
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