Argentina's Main Stock Index Down By 2.04%, Peso Sees Slight Growth

Umer Jamshaid Published August 17, 2019 | 05:10 AM

BUENOS AIRES (UrduPoint News / Sputnik - 17th August, 2019) MERVAL, the main index on the Buenos Aires Stock Exchange, fell by 2.04 percent to 30,406.55 on Friday amid a collapse of the Argentinian national Currency, still, its rate rose to 57 pesos per US dollar, according to trading and banking data.

The peso rate of Argentina's national Banco Nacion was 57.5 pesos per US Dollar early on Friday, however, by the end of the day, it rose to 57 pesos.

MERVAL has been rebounding after its sharp drop by more than 30 percent on Monday. Peso, in its turn, decreased by around 30 percent, too � from 46-47 pesos to 60-64 pesos per US dollar. The crisis followed the announcement of the results of the primaries ahead of the election scheduled to be held this fall.

According to them, opposition alliance Front of All led by Alberto Fernandez gained over 47 of the vote, while President Mauricio Macri's Together for Change coalition gained only 32 percent.