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Argentine Peso Leads Emerging-Market Currency Rout as Lira Sinks

Argentina devalued the peso, allowing it to plunge the most in 12 years, and Turkey’s lira tumbled to a record as the emerging-market currency selloff deepened amid slowing growth and rising social tension.

The peso fell 12 percent to 7.8825 per U.S. dollar today as Argentina’s central bank scaled back efforts to support the currency. The lira touched an all-time low of 2.3029 per dollar even as the central bank carried out its first unscheduled intervention in more than two years. South Africa’s rand tumbled to a level weaker than 11 per dollar for the first time since the 2008 financial crisis.