Chilean Peso Rises

Chile’s currency rose for a ninth straight session to 533.50 to the dollar as the price of copper, the country’s biggest export, hit record levels. The peso was also supported by last week’s decision by the central bank to raise its benchmark rate 25 basis points to 3.75 percent after inflation in July rose to a two-year high. Chile’s $94 billion economy, Latin America’s fifth-largest, grew 6.1 percent in 2004, the fastest since 1997, and Finance Minister Nicolas Eyzaguirre forecasts a 6 percent expansion this year.