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Argentine Peso Tumbles as Central Bank Changes Strategy

  • Central bank said to accept currency at low of 25 per dollar
  • IMF says board to meet on Friday to discuss Argentina
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The Argentine peso fell to a historic low against the U.S. dollar on Mondaytictocnews (Source: Bloomberg)
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The Argentine peso fell to a record low as the central bank changed its strategy to protect the currency and the International Monetary Fund said it won’t set any exchange-rate targets for a stand-by arrangement.

The peso dropped 6.9 percent to 24.99 per dollar to close in Buenos Aires, pushing the decline this year to 26 percent, the worst in emerging markets. The central bank offered $5 billion at 25 pesos per dollar at the open of trading at 10 a.m.