Argentina devalues peso by over 50% as part of Milei's shock economic therapy

Argentina's peso opened down 54.24% at 801 per dollar on Wednesday, following a devaluation of the currency carried out by the country's new government as part of its economic shock therapy aimed at fixing the economy. The South American nation will also cut energy subsidies and cancel tenders of public works, new economy minister Luis Caputo said a day earlier.Caputo said the plan would be painful in the short-term but was needed to cut the fiscal deficit and bring down triple-digit inflation.