Turkish lira falls 4% against US dollar as concerns grow of crises in emerging markets

Argentina has hiked interest rates to 60% as it takes dramatic steps to restore confidence in its plunging currency, in the latest sign of turmoil among emerging market economies this year.

The Argentine central bank raised the cost of borrowing by 15 percentage points on Thursday in an attempt to shore up the peso, which has plummeted in value. The central bank said it would keep rates unchanged at 60% until at least December.

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