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ARS Devalued; FX Rate Fixed Until October

ARGENTINA
  • Reuters cite official sources in reporting that the Argentine Peso is devalued to 350/Dollar and the FX rate is to be fixed until the General Election in October.
  • The central bank are also to raise the benchmark interest rate to 118%, according to an official source.
  • Headlines follow considerable weakness in the local currency following the regional elections. The currency fell close to 20% after markets interpreted the regional election results as being a considerable blow to the government.

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