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

After surging above the 41 handle for the first time in a month and inching closer to the 42.25 all-time high, the USD/ARS pair retreated to 40.90 area after the Argentina central bank announced that it hiked its 7-day Leliq rate by 500 basis points to 65% from 60%, as reported by Reuters.