Commodity-Exporter Currencies Rally as Crude Oil Extends Rebound
- Mexican peso surges on surprise interest-rate increase
- South African rand, Brazilian real jump about 2 percent
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The currencies of commodity-exporting nations rallied, propelled by a surge in crude-oil prices.
Mexico’s peso jumped almost 3 percent, while the South African rand and Brazilian real climbed about 2 percent alongside rising raw-materials prices. Mexico unexpectedly raised benchmark interest rates and unleashed a series of surprise measures in an attempt to lift the currency from record lows.