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Mauricio Macri vows to win second term after Argentine peso crashes on primary results

Updated : August 13, 2019 06:54 AM IST

The peso closed 15 percent weaker at 53.5 per US dollar after plunging some 30 percent to a record low earlier in the day after the primary election prompted market fears over Argentina's potential return to the interventionist economics of the previous government.
Refinitiv data showed Argentine stocks, bonds and the peso had not recorded this kind of simultaneous fall since the South American country's 2001 economic crisis and debt default.
Morgan Stanley downgraded its recommendation for Argentina's sovereign credit and equities from "neutral" to "underweight" and said calculations suggest the peso could fall another 20 percent.
Mauricio Macri vows to win second term after Argentine peso crashes on primary results
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