Argentina’s Black-Market Peso Weakens as Macri’s Prospects Slip
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Argentina’s black-market peso declined to a nine-month low on speculation the chances of victory for opposition presidential candidate Mauricio Macri have deteriorated.
Investors and savers are increasingly demanding hard currency assets amid concern the next administration will maintain President Cristina Fernandez de Kirchner’s policies, which have been met by low economic growth and soaring inflation. Macri suffered a setback Sunday when his choice to succeed him as Buenos Aires city mayor won the election by a closer margin than expected.