Argentine Black Market Peso Tumbles to 5-Month Low Before Vote
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The Argentine peso tumbled in the black market to the weakest since May as demand for dollars surges on speculation the government will clamp down on access to foreign currency after Oct. 27 congressional elections.
The peso fell 1.5 percent to 10.05 per dollar in the illegal currency market at 4:20 p.m. in Buenos Aires, according to prices compiled by Ambito.com. That’s the weakest since it slid to a record 10.45 per dollar on May 5. The peso has weakened 32.5 percent this year in the unofficial market and is now more than 70 percent weaker than the official rate of 5.8533 per dollar.