Argentina’s peso, stock exchange plunge after President Mauricio Macri vote defeat | World News, The Indian Express

Argentina’s peso, stock exchange plunge after President Mauricio Macri vote defeat | World News, The Indian Express

By Deutsche Welle |Updated: August 13, 2019 11:12:41 am

Argentina’s peso, stock exchange plunge after President Mauricio Macri vote defeat

Argentina's currency and the Buenos Aires Stock Exchange have plummeted, a day after President Mauricio Macri suffered a crushing defeat in a primary election. The peso has shed 15% of its value against the dollar.

Argentina is in a deep recession, and inflation for the first six months of the year is at 22%. (Source: Zumapress/C. Santisteban)

Argentina’s peso currency crashed on Monday as jittery investors pulled out government bonds and stocks in the recession-hit South American country, fearing another default following President Mauricio Macri’s unexpected defeat to populists in a party primary election over the weekend.