Argentine peso claws back after three days of grim losses

Argentina's beleaguered peso won back some recent losses on Thursday, jumpi...

BUENOS AIRES - Argentina’s beleaguered peso won back some recent losses on Thursday, jumping more than 5% after losing nearly a quarter of its value in the wake of a shock primary-election result on Sunday that once again plunged the country into economic chaos.

But the peso appeared to have turned a corner on Thursday, bucking three days of painful losses and surging 5.61% to 57 pesos per dollar, according to traders, who attributed the gains to profit-taking as investors snapped up cheap currency. Speaking earlier in a radio interview, Fernandez said he was comfortable with an exchange rate of 60 pesos to the dollar.On Wednesday, the peso closed 7.14% weaker at 60.2 per dollar. Argentina’s Merval stock index has sunk by a staggering 34.47% since Sunday. It is due to open later on Thursday.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Reuters /  🏆 2. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Argentine peso opens weaker after Macri announces tax cuts, subsidy boostArgentina's peso weakened at the open on Wednesday after President Mauricio...
Read more »

Argentine president announces salary hikes, tax cuts, after poll setbackArgentine President Mauricio Macri announces plans for salary hikes and tax cuts after some voters turn against his austerity policies, sparking economic turmoil
Read more »

Overstock shares fall for third-straight day after CEO comments on ‘Deep State’It was the third consecutive day of losses since CEO Patrick Byrne made controversial comments about his role in the “Deep State.”
Read more »

Concern over Macri's future again hits Argentina marketsArgentina's peso closed weaker again on Tuesday following a second day of m...
Read more »

Bitcoin slumps to two-week low on technical trading, market jittersBitcoin extended losses on Thursday after suffering its worst day for a month on...
Read more »

Four Loko May Be Getting in the Hard Seltzer GameWatch out, White Claw.
Read more »