Uruguayan peso beats Brazilian real to become South America’s strongest currency

Despite lagging against other assets for most of the year, the currency rebounded since the Uruguayan Central Bank signaled on May 17 that it planned to raise its benchmark rate by at least 100 basis points to 10.25% in mid-August amid stubbornly high inflation.

RIO DE JANEIRO, BRAZIL - The Uruguayan peso surpassed the Brazilian real and became the best performing currency in South America, with a year-to-date gain of more than 11% against the US dollar.

Despite lagging against other assets for most of the year, the currency rebounded since the Uruguayan Central Bank signaled on May 17 that it planned to raise its benchmark rate by at least 100 basis points to 10.25% in . . .

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