The Chile's peso lost ground against the US dollar during early New York trading on Tuesday after the Chile's National Institute of Statistics report showed that the consumer price index or CPI rose 5% year-over-year in March, slower than the 5.5% rise recorded in the previous month.

The peso fell to a 6-day low of 585.55 against the buck by 9:25 am ET, compared to yesterday's close of 581.50. On the downside, the Chilean currency may likely find support near the 596.75 level.

On a monthly basis, the CPI rose 0.4% in March, after falling 0.4% in February. Economists were expecting the CPI to increase 0.5% on month.

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