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Argentine peso on roller coaster after Macri defeat

The Argentine peso took a roller coaster ride Tuesday, opening higher and then falling a day after sustaining a huge loss in the wake of pro-business President Mauricio Macri’s crushing defeat in party primaries.

The currency plummeted 18.76 percent on Monday, while the Buenos Aires stock market fell 38 percent.

On Tuesday, as the market opened, the peso traded at 55 to the dollar, compared to 57.30 at the close of Monday’s session for a rise of 4.18 percent. But then it fell again and was down 2.29 percent.

On Sunday, center-right Macri was dealt a huge blow in his bid for re-election in October when he polled 15 points less than center-left Peronist candidate Alberto Fernandez in primary elections that serve as a bellwether for general elections in October.

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