Argentine peso crashes as Macri’s re-election chances drop

BUENOS AIRES: Argentina’s peso currency crashed on Monday while stocks and bonds fell by a degree not seen in 18 years as voters signalled they could reject market-friendly President Mauricio Macri at an election in October and return the country to interventionist economics. The peso closed 15.27 per cent weaker at 53.5 per US dollar after plunging some 30 per cent to a record low of 65 to a dollar earlier in the day after Macri suffered a heavy loss in a primary election.
Opposition candidate Alberto Fernandez — whose running mate is former president Cristina Fernandez de Kirchner — dominated the primary vote by a much wider-than-expected 15.5 percentage point margin over the president.
Fernandez has said he would seek to “rework” Argentina’s $57 billion standby agreement with the International Monetary Fund if he won October’s general election. — Reuters