Peso gets lift as IMF says Argentina has its full support

The Argentine peso traded higher Friday after the International Monetary Fund said the country has its "full support" as it grapples with a financial crisis that sparked a plunge the currency this week to an all-time low. In a statement, Fund spokesman Gerry Rice said IMF Managing Director Christine Lagarde will meet with Argentine Finance Minister Nicolas Dujovne and his team on Tuesday. "Our goal is to rapidly conclude these talks and submit the revised economic plan to the Executive Board," Rice said. Pointing to remarks earlier this week by Lagarde, Rice said "Argentina has the full support of the Fund and we are confident that the strong commitment and determination of the Argentine authorities will help the country overcome the current difficulties." The selloff in the peso was sparked Wednesday when President Mauricio Macri called on the IMF to speed the disbursement of a $50 billion bailout. The U.S. dollar fell 1.6% to fetch 38.10 pesos, according to FactSet. The Argentine currency remains down more than 19% against the greenback this week and more than 51% in the year to date.

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