The sudden and rapid rise of U.S. interest rates has affected Latin American economies whose currencies have been devalued amid the strengthening dollar or depend on it entirely, analysts say. 

The current benchmark interest rates in the U.S. were raised to a decade high of 2.25-2.5 percent after the U.S. Federal Reserve made an increase of .75 percentage points in July in an attempt to curtain hefty inflation.

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