Mexico central bank hikes rate after Trump win, peso still weakens

November 17, 2016 2:13 PM EST

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MEXICO CITY (Reuters) - Mexico's central bank raised interest rates on Thursday in a bid to support the peso after the currency was hammered to a record low by last week's election of Donald Trump as U.S. president.

The Banco de Mexico raised its key rate by 50 basis points to 5.25 percent, as expected by the median of 15 analysts polled by Reuters.

The peso weakened sharply after the decision as the market had tilted toward bets on a hike of at least 75 basis points.

(Reporting by Michael O'Boyle and Christine Murray)

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