Argentina’s central bank pumped up interest rates by 15 percentage points to 60 per cent on Thursday after the peso resumed its plunge in early trading.

The peso dropped by 15 per cent in its opening moments in New York trading, building on Wednesday’s 7 per cent drop — the most severe since the currency floated in 2015. Thursday’s sell-off leaves the dollar trading at around 39 pesos, although trading is volatile.

Marcos Peña, Argentina’s cabinet chief, had attempted to project calm before the central bank acted, denying that President Mauricio Macri was considering a cabinet reshuffle.

https://www.ft.com/content/09cc760a-ac59-11e8-89a1-e5de165fa619