Argentinian peso crashes on surprise election outcome, USD/ARS rises more than 30%

• Political developments in Argentina weigh on peso on Monday.
• Emerging market currencies feel pressured as USD/ARS adds more than 30%.

Ahead of presidential elections in late October, Argentinians went to the polls on Sunday for the primary election and centre-right President Mauricio Macri performed very poorly, receiving 32% of the votes against opposition's 47% according to the latest unofficial results. 

With the initial market reaction, the Argentinian peso came under strong selling pressure as markets Alberto Fernandez and his running mate, former President Cristina Fernandez de Kirchner, reviving concerns that Macri's efforts to bring down the fiscal deficit will be reversed if Fernandez wins the election in October. 

The USD/ARS pair skyrocketed on this development and was last seen trading at 59, adding 30.4% on a daily basis. Other emerging market currencies also reacted similarly with the Brazilian real and the Turkish lira both losing more than 1% against the dollar.