Argentine peso hits record low against U.S. dollar

The Argentine currency fell sharply against the U.S. dollar to trade at 16.4225 pesos per dollar on Wednesday as investors punished the Latin American currency in disappointment over MSCI's delay in restoring Argentina to its Emerging Markets Index. The index provider on Tuesday said it would not reclassify Argentina as a developing economy due to concerns about capital controls and foreign exchange restrictions. The decision came as the country prepared to sell $2.4 billion worth of 100-year bonds with a yield of 8.25%. The peso has fallen 3.6% against the greenback this year, according to FactSet. [Updated to correct currency unit for the dollar-peso exchange rate.]

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