Peru's currency fell to a record low against the US dollar on Friday as the Lima stock exchange dropped more than six percent amid uncertainty over the next finance minister.
On Thursday, President Pedro Castillo named most of his Cabinet but crucially did not pick anyone for finance or justice portfolios.
The exchange rate to the dollar passed four soles for the first time – hitting 4.06 soles – while the Lima stock exchange plunged 6.24 percent.
On Thursday, Castillo named Guido Bellido, a 41-year-old electronic engineer and fellow leftist with no experience in public office, as his prime minister.
He also picked 85-year-old former guerrilla Hector Bejar to be his foreign minister.
Castillo was expected to name economist Pedro Francke, his economic advisor during the election campaign, as finance minister but that did not happen.
Daily newspaper La Republica said Francke had turned down the post over the appointment of Bellido, a member of Castillo's Marxist-Leninist Peru Libre ("Free Peru") party who became a lawmaker just six days ago.
Peruvian media say Bellido was investigated by prosecutors for an alleged "apology for terrorism" over statements made after taking up his parliamentary seat last Friday – which assured him immunity from prosecution.
In statements to the Inka Vision online news outlet, he appeared to defend people who supported the Shining Path Maoist guerrilla group that fought the state from 1980 to 2000 and is dubbed a terrorist organisation by Lima.
Radical right-wing legislator Alejandro Cavero told radio station RPP the appointment of Bellido, who like Castillo hails from a rural background, gave "a polarising message."
The sol, which stood at 3.62 to the dollar in December, has been losing value since before April's first round of presidential voting.
Peru has been mired in political uncertainty as a series of corruption scandals saw three different presidents in office in a single week last November.
Seven of the country's last 10 leaders have either been convicted or are under investigation for graft.