Argentina's Peso Plunges Amid Election Results - Reports

Argentina's Peso Plunges Amid Election Results - Reports

MOSCOW (UrduPoint News / Sputnik - 12th August, 2019) The peso's value plunged some 30 percent in Argentina after Primary election results, local media reported on Monday.

With 98.6 percent of votes processed, Frente de Todos (Front for Everyone) party, led by former Prime Minister Alberto Fernandez, is in the lead with 47.7 percent of votes, followed by President Mauricio Macri's coalition Juntos por el cambio (Together for Change).

According to HispanTV channel, the price of Dollar has gone up 32 percent in the wake of the vote.

Most of the country's banks have raised the exchange rate up to 60 peso per US dollar, with some banks, like Banco Santa Cruz, Banco Santa Fe, Banco de San Juan, raising it up to 64 peso per dollar.

Others, including Banco Ciudad, Banco Santander have already lowered the rate down to 58 peso per dollar.

Prior to the election results, the average rate was around 46 or 47 peso per dollar.

The possible election of Fernandez would mean a switch to left-of-center policies that are popular with the majority of voters, but also risk exacerbating what is already record high inflation.

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