Brutal Argentina-Turkey sell-off engulfs EM peers; Peso hits all-time low

Peso hits an all-time low, policy makers raise benchmark rate to 60%

The massive currency plunge in Argentina and Turkey deepened, spurring a sell-off in emerging

markets.

The peso tumbled to a record low, prompting Argentine policy makers to raise the nation’s benchmark rate to 60 per cent from 45 per cent. In Turkey, a report that the central bank’s deputy governor was set to resign sank the lira. South Africa’s rand extended its slide, sending volatility to its highest since December 2016 amid a controversial land reform debate. Brazil’s real pared losses after the monetary authority extended its currency intervention.

Emerging markets got pummeled again amid concern that Argentina and