March 27, 2019 / 1:35 PM / 3 months ago

Argentine peso weakens again, sets new record low of 43.4 per dollar

BUENOS AIRES, March 27 (Reuters) - Argentina’s peso weakened 1.73 percent on Wednesday to a new all-time low of 43.4 per U.S. dollar, as concern about inflation, recession and October’s presidential election once again bit into market confidence in Latin America’s No. 3 economy.

The local currency hit a record low close of 42.65 per greenback on Tuesday. Investors have been rattled by Argentina’s inability to contain consumer prices, which are rising at a rate of more than 50 percent per year while benchmark interest rates gallop along at more than 66 percent.

Reporting by Hugh Bronstein Editing by Chizu Nomiyama

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