The goal-scoring striker is suffering from a muscle injury sustained during the Champions League quarter-final loss to Real Madrid
On Thursday, the peso plunged nearly 8 per cent even as the central bank hiked the rate by 300 basis points, its second surprise hike in less than a week.
After that move failed to calm markets, the bank boosted the rate again on Friday by 675 basis points. The central bank has hiked the benchmark rate some 1,275 basis points since April 27.
That appeared to do the trick for now, and the peso rallied 5.26 per cent by late afternoon.
Elsewhere in the region, currencies were mixed as traders' eyes were fixed on the ongoing tariff talks between the United States and China.
The Mexican peso was the biggest loser, falling 1 per cent against the dollar after the US Labour Department reported job growth increased less than expected in April. The report stoked bets of constrained monetary policy.
Chile's new government, meanwhile, announced it will slash $1.15 billion from its budget in 2018 and a total of $4.6 billion through 2021 in an effort to return the country to "fiscal responsibility."
Finance Minister Felipe Larrain said on Friday the cuts are the equivalent of 1.6 per cent of the annual budget.
In Colombia, the peso currency rose 1.35 per cent, helped by solid oil prices, which rose on Friday as the market awaits news from Washington on possible new sanctions on Iran.
In Venezuela, the chairman of the country's top bank, Banesco, condemned a 90-day state takeover and arrest of 11 executives on Friday as locals thronged cash machines and sped up transfers to other institutions. - Reuters
The goal-scoring striker is suffering from a muscle injury sustained during the Champions League quarter-final loss to Real Madrid
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