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Argentina's peso depreciated sharply Thursday against the U.S. dollar, a day after the government announced that it
was lifting currency controls to attract investors and kick-start the economy.
The peso opened trading Thursday at about 13.5 to 14.5 per U.S. dollar, according to Argentina's TN television
station. The peso had previously been trading at 9.8 to the dollar under currency controls implemented by the previous
administration.
Economists had expected Argentina's currency to weaken Thursday following Finance Minister Alfonso Prat-Gay's
announcement on Wednesday that the government was ending a four-year policy of strict limits on the sale of U.S.
dollars.
While President Mauricio Macri's decision to lift currency controls has been applauded by businesses and markets,
there are also concerns that it could fuel inflation in the short-term.
Write to Ryan Dube at ryan.dube@dowjones.com
(END) Dow Jones Newswires 12-17-151105ET Copyright (c) 2015 Dow Jones Company, Inc.