Argentine peso, stocks fall after ruling party's election setback

Buenos Aires, Argentina, Sept 8, 2025 (AFP)
The Argentine peso and share prices dropped sharply Monday after President Javier Milei's libertarian party suffered a drubbing in a key provincial election.
The dollar rose 5.3 percent compared to Friday as trading opened in the currency market and shares of Argentine companies that trade on Wall Street lost as much as 16 percent.
Budget-slashing Milei's La Libertad Avanza (LLA) came out nearly 14 percentage points lower than the center-left Fuerza Patria coalition, which won Buenos Aires provincial elections Sunday with 47 percent of votes cast.
The vote is considered a bellwether as the South American country prepares to hold national parliamentary elections in October.
The dollar's rise took the peso to the ceiling of a floating band established by Milei's government amid high volatility.
Milei, who has slashed public spending, dismissed tens of thousands of public servants and led a major deregulation drive since taking office in December 2023, called a cabinet meeting Monday, from which no details have emerged.

Sumber : AFP