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Argentine peso has its biggest fall since 2002 economic collapse; loses 16 percent in 2 days

The Argentine peso is suffering its fastest fall since the country's 2002 economic collapse. It's lost 16 percent of its value against the dollar in two days at the official rate.

Previous day losses extended Thursday as the Central Bank dropped its policy of intervening in the foreign exchange market, avoiding use of its declining reserves to slow the decline.

The peso fell from 6.88 per dollar on Tuesday to 7.14 on Wednesday. By Thursday's close, it was at 8 to the dollar.

Access to dollars at the official rate is restricted. On the black market, the peso dropped 6 percent on Thursday to 13 per dollar.