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ECONOMY | 13-08-2019 10:55

Peso rebounds slightly from huge loss after Macri PASO defeat

The currency had plummeted 18.76 percent on Monday, while the Buenos Aires Stock Exchange fell 38 percent.

The peso gained 4.18 percent against the dollar Tuesday morning, rebounding from a huge loss that came in the wake of President Mauricio Macri's crushing defeat in the PASO primaries over the weekend.

The currency plummeted 18.76 percent on Monday, while the Buenos Aires Stock Exchange fell 38 percent.

On Tuesday as the market opened, the peso traded at 55 to the dollar, compared to 57.30 at the close of Monday's session.

That was far lower that the high of 66 pesos the previous day, which prompted the Central Bank to sell some US$100 million to limit the currency's height.

Argentina's monetary authority also intervened in the futures market and applied a record rate for the Leliq of 74,752 percent. 

Finance specialists, eyeing market capitalisation data called yesterday's hits "the worst numbers in 20 years" for local companies listed on the local stock exchange.

– TIMES/NA/AFP

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