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Argentina Central Bank Bleeds Reserves Ahead of Election, Peso Crumbles
Anyway

Reuters

   BUENOS AIRES - Argentina's central bank kept selling dollars in defense
   of the crumbling peso on Friday, as concern increased over the bank's
   falling reserves ahead of Sunday's presidential election dreaded by the
   financial markets.

   With the upcoming vote increasing jitters about the recession- and
   inflation-racked economy, money changers on the streets of Buenos Aires
   squeezed the currency 7.6% lower to 75.5 per U.S. dollar on the black
   market, extending losses for the week to 13.6%.

   The formal peso, supported by the central bank, fell 0.3% to 59.99
   versus the greenback, having weakened 24.4% over 11 weeks since the
   shock result of the country's presidential primary dumped cold water on
   the markets.

   The bank spent $220 million on interventions on Friday, traders said,
   as the peso continued its four-year swoon under President Mauricio
   Macri, a free-markets advocate and Wall Street darling expected to lose
   his re-election bid on Sunday.

   The bank has shed $21 billion in reserves since the August primary,
   when Macri was dealt a surprisingly severe beating by his Peronist
   challenger Alberto Fernandez.

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