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Direct: Argentina's currency fell more than 33% from its US counterpart on Monday, after preliminary results showed the victory of opposition candidate, Alberto Fernandez.
Preliminary results have revealed that Fernandez could win the presidential elections scheduled for next October at the expense of the loss of the Argentine president "Mauricio Macri".
Fernandez garnered 47% of the vote, of which about 60% nationwide, compared to 32.7% for President Macri.
The former Minister of Economy, Roberto Lavagna, is ranked third with support of 8.5%.
Macri told his supporters last night that it was the worst election, stressing that efforts needed to be stepped up from tomorrow so that the outcome could be changed in October.
"October will determine the fate of the next 30 years for Argentina".
Investors fear Macri's loss in this autumn's election means the recent economic stability of his government could end abruptly.
In the country, many bonds denominated in US dollars also came under heavy pressure, the price of outstanding debt falling in 2028, bringing the yield of these bonds to 10.5%, against 10% in the end of last week.
At 1418 GMT, the Argentine peso lost about 33.5% against the US dollar, bringing the greenback to 60.4975 pesos.
The dollar has gained about 60.61% over the Argentine currency so far this year.
Direct (economy)
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