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Argentine Peso Posts Biggest Yearly Drop Since 2002 Devaluation
Argentina’s peso posted its biggest annual drop since the government ended a one-to-one peg against the dollar in 2002 after the central bank bought dollars to pad reserves in the second half. The peso lost 9.1 percent this year, the worst performance among 26 emerging-market currencies tracked by Bloomberg. It rose less than 0.1 percent today to 3.799 per dollar as of 1:05 p.m. New York time, from 3.8011 yesterday. The peso plunged 70 percent to 3.36 per dollar in 2002 after the government ended the peg in January of that year.