Argentine Peso Falls Sharply For a Second Day

Argentina’s currency tumbled for a second day as investors remained nervous about the country’s political future and the potential return of populist policies following Mauricio Macri’s decisive loss in a presidential primary vote over the weekend, the Financial Times reported. The peso slid as much as 10 per cent, before paring some of its losses, to end the day at 55.65 pesos to the dollar. Tuesday’s drop comes after the country’s currency shed more than a fifth of its value at one point during hectic trading in the previous session. Investors also shunned Argentina’s dollar-denominated debt, with the yield of bonds maturing in 2028 rising to 17.45 per cent from Monday’s elevated level of almost 15 per cent. The once-celebrated century bond saw its price drop once again, settling at 48.99 cents on the dollar following Monday’s slide, which was the biggest fall since the debt was sold in 2017. Read more

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