Argentine Peso Posts Worst Month Since Milei’s 2023 Devaluation

Argentina’s peso tumbled on Thursday, capping the worst month since President Javier Milei devalued it in 2023 amid rising demand for dollars just as supply from agricultural exports dries up.

The peso dropped more than 4.4%, the worst performer in emerging markets. It has tanked by more than 12% in July, the worst monthly decline since Milei devalued it after taking office in December 2023.