Argentina’s peso continues to sell off despite a U.S. rescue package, ahead of a key election that could trigger another steep bout of depreciation.

On Friday, the currency slipped 0.4% against the U.S. dollar, which now trades at nearly 1,492 pesos. The exchange rate has already hit a record low and is below its level before the Trump administration announced a $20 billion currency swap agreement.

While news of that lifeline briefly triggered a sharp rally earlier this month, the peso has since given up those gains and has tumbled by more than 40% against the greenback so far this year.

That’s despite Argentine President Javier Milei’s efforts to secure an IMF rescue and defend the peso by draining the country’s foreign-exchange reserves.

The financial turmoil comes as voters have

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