The Argentine Peso fell sharply again against the US dollar on Wednesday. The peso lost 6.45 percent. On Monday, the low currency currency already lost 30 percent against the dollar, the reason for the decline was the loss of incumbent President Mauricio Macri in primaries.
The fall on Wednesday came after an announcement of Macri support measures to prevent a crisis. For example, the income tax for employed persons is reduced and the benefits are increased.
However, the measures did not provide relief on the financial markets. With the new fall in currency, a dollar now costs 59.2 pesos. A week ago this was 45 pesos.
The currency suffered the biggest blow on Monday, when Macri lost the important primaries in the run-up to the presidential election of center-left Albert Fernández. The latter is in favor of a more protectionist policy with more government interference in the economy and an end to the cuts of the current government. Macri is for a free market.
Not only was the currency reacted strongly to the loss at that time, the Argentinian stock market also fell considerably: by no less than 37 percent.
See also: Argentine Peso in freefall after President loses primacy