The value of the Argentine plummeted following a surprising political development where anti-establishment, right-wing candidate Javier Milei came first in primary elections.

Milei surprised the nation's political environment by winning the most significant share of primary votes for presidential candidates in the October general election. Race determines who becomes the leader of a country battered by various economic problems.

Argentine Peso Devalued by Roughly 20%

The 52-year-old candidate hopes to replace the Argentine peso with the dollar, arguing that the country's Central Bank should be abolished. Milei also said that climate change is not real and that sex education was simply an effort to destroy families. The right-wing lawmaker added that the sale of human organs should be legal.

In Argentina, gun ownership is severely restricted, and Milei proposes the "deregulation of the legal market" for weapons. He is also seeking the "protection of its legitimate and responsible use by the citizens," as per the Associated Press.

On Monday, the nation's government decided to devalue the local currency by roughly 20% following Milei's surprising showing on Sunday. Two mainstream political coalitions have traded control over the nation in the last decade. But now, Argentina has become the latest where voters chose an outsider candidate to show their anger toward the status quo.

Operators watched nervously as the value of the Argentine peso decreased in the parallel, or blue, market, going down by roughly 13% by early afternoon. The right-wing candidate said that the government is simply trying to blame his victory for depreciating the country's local currency.

During an interview on Monday, Milei said that the Argentine government is trying to express that the devaluation and all of these were his and his party's fault. Experts anticipate the drop in the value of the Argentine peso to accelerate inflation in the country, which is already high.

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Javier Milei's Strong Performance

Mieli, who leads the Liberty Advances party, also criticized what he called the "political caste" that is currently ruling Argentina. He is an advocate for the "reconstruction" of the nation. According to Fox News, the right-wing candidate received roughly 30% of the total vote during the Sunday primary.

Experts have argued that the lawmaker is a real contender for the South American country's presidency in the coming elections. Melei celebrated the election results in his headquarters, where he committed to ending the "parasitic, corrupt, and useless" political caste in the nation.

Milei's performance comes as markets have been relying on a powerful showing by more moderate candidates. Additionally, some investors said that regardless of the final winner, the balance of power in Argentina is expected to shift to the right.

In a statement, the Chief Investment Officer for Emerging Markets Americas at UBS Global Wealth Management, Alejo Czerwonko, said that Argentine USD sovereign bonds are an attractive risk-reward profile. He noted that this is because of their depressed valuations, positive correlation to commodity prices, and the potential political regime shift, said Business Inquirer.

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