Argentina raises interest rate, devalues peso after shock primary election 

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Business & Finance

Reuters was first to report that Argentina’s central bank would sharply devalue the peso, which has long been held in check by currency controls, after a primary election upset rattled the country’s markets. The peso dropped almost 20% to 350 pesos per dollar. Reuters was also first to report on the central bank hiking the benchmark interest rate 21 percentage points to 118% in a bid to protect the local currency and put a lid on triple-digit inflation. That followed a win covering the election results themselves, with Reuters ahead with the key news that outsider radical Javier Milei had attracted over 30% of the vote, handing him a shock win in the ballot which foreshadows the likely result of the Oct. 22 general election. 

Market Impact

The peso dropped almost 20% to 350 pesos per dollar. 

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & Finance

Regions: Americas

Countries: Argentina

Win Types: Speed

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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