The Argentine peso fell against the US dollar on Tuesday, wiping out almost all of its gains since an electoral landslide for Javier Milei’s party boosted the country’s markets.
The currency slid roughly 3 per cent to 1,473 to the dollar, only slightly above its level ahead of Sunday’s poll, underlining renewed doubts over how long Milei can retain a policy of holding the peso in a trading range following a brief burst of optimism.
The currency had initially climbed as much as 10 per cent on Monday, while Argentina’s bonds and stock market have also surged, as investors bet that the election result would keep the libertarian president’s market-friendly reform programme on track.
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