January 24, 2018 / 6:21 PM / 7 months ago

Argentine peso closes at historic low after central bank cuts rate

BUENOS AIRES, Jan 24 (Reuters) - Argentina’s peso currency plunged 1.6 percent on Wednesday to close at a historic low of 19.6525 per dollar, after the central bank slashed its benchmark policy rate to 27.25 percent on Tuesday.

That marked the fifth consecutive session of declines for the peso. The central bank has cut interest rates by 150 basis points in the past month, after the government relaxed the 2018 inflation target to 15 percent, compared with the prior goal of 8-12 percent. (Reporting by Luc Cohen; Editing by Bernadette Baum)

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