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Chile Peso Leads Global Currency Gains on Surprise Rate Increase

  • Quarter-point increase responds to inflation, labor market
  • Chile's currency gained 1.4%, the most among world peers

The Chilean peso led gains among global currencies after the central bank increased interest rates earlier than economists had forecast and as copper, the nation’s chief export, rallied.

The peso rose 1.4 percent to 698.75 per dollar, closing stronger than 700 for the first time in five weeks. That was the best performance among 31 major currencies.