# Argentina central bank hikes 7 day rate by 500 basis point, USD/ARS retreats below 41 — Elev8

> Argentina's central bank raised its 7-day Leliq rate by 500 basis points to 65% from 60%. The USD/ARS pair retreated to around 40.90 after surging above 41 earlier in the session.

- Date: 2018-09-28 · published 2018-09-28T12:00:00.000Z
- Category: macro · region Argentina · magnitude low
- Page: https://feedsoft.ai/events/63333-argentina-central-bank-hikes-7-day-rate-by-500-basis-point-usd-ars-retreats
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md)

## Why it matters

Sharply higher interest rates aim to stabilize the peso, which reduces the pressure for Argentine farmers to sell crops at discounts and supports the currency-driven export pricing.

## Read by commodity

- USDARS: bearish ▼

## Sources

- elev8.com: https://www.elev8.com/markets/news/view/618083/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.