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Chile's Biggest Rate Hike in 20 Years Fails to Boost Its Currency

  • Chilean peso falls even after surprise rate hike, copper jump
  • Political uncertainty, pension withdrawals weigh on currency

There’s just no saving the beleaguered Chilean peso at the moment.

The currency fell Thursday even after the central bank delivered the biggest interest rate hike in 20 years and ended a dollar purchase program, while the price of copper, the country’s top export, soared more than 2% today. The peso slid as much as 0.75%, the worst performance among 24 leading emerging-market currencies tracked by Bloomberg after the Turkish lira.