Chilean Peso drops 2.1%, bringing its decline to 4% this year

The Chilean peso dropped 2.1% to 741.66 per dollar, bringing its decline this year to 4%. That makes it the worst-performing of 24 emerging-market currencies tracked by Bloomberg. The reason is simple. Chile’s Central Bank announced that it plans to boost its foreign reserves, buying $40 million a day for more than a year until its holdings reach 18% of gross domestic product.

Source: Bloomberg