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MEXICO CITY, Dec 17 (Reuters) - Mexico's central bank hiked borrowing costs on Thursday for the first time in seven years, flagging the need to protect the slumping peso after the U.S. Federal Reserve raised rates earlier in the week.
The Banco de Mexico raised its benchmark interest rate by 25 basis points to 3.25 percent from a record low, as expected by 19 of 25 analysts surveyed by Reuters this week. (Reporting by Michael O'Boyle and Alexandra Alper)