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Argentine Peso Slides as More Data Shows Economy Is Slowing

  • Currency falls most since policies backed by IMF take effect
  • Peso is back to middle of central bank currency band

The Argentine peso fell by more than 3 percent Monday after data released following the market’s close on Friday showed that high interest rates that have helped prop up the currency are slowing the economy even more than anticipated.

The peso, the world’s worst-performing major currency this year, dropped to 38.8 to the U.S. dollar, its largest decline since new central bank policies backed by the International Monetary Fund took effect Oct. 1. It later trimmed losses, creeping back to 38.5 per dollar.