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.
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