Chile's Currency Falls to Lowest Level as Protests Continue

Chile's currency fell more than 3% against the US dollar to a record low on Tuesday, as popular protests continued in the country.

Protests erupted in Chile several weeks ago to protest the rising cost of living following an increase in public transport costs, as well as opposition to income inequality and corruption.

Violent protests have left more than 20 people dead in the South American nations so far.

The administration of President Sebastian Pinera is seeking amendments to the Constitution, which was drafted during the dictatorship of former President Augusto Pinochet and then ratified by referendum, in an attempt to calm three weeks of popular protests.

[caption id="attachment_90593" align="aligncenter" width="700"] Chilean sitting President Sebastian Pinera[/caption]

Last week, Chile's finance ministry said it had lowered its economic growth forecast to 1.8-2.2%, from a previous estimate of 2.4-2.9%.

By the end of Tuesday's trading, the Chilean peso fell against the US dollar by about 3.6% to  CLP 787.73 , after hitting  CLP 789 pesos, the lowest level ever.