Argentine peso hits record low as Milei says 'it can't be worth excrement' while businesses oppose dollarization

• The Argentine peso sank 10% Tuesday in the parallel black market to a record low of 1,050 per dollar.
• Presidential frontrunner Javier Milei urged Argentines not to save in peso-denominated instruments.
• But most of Argentina's corporate leaders disapprove of full dollarization.

As the Argentine presidential election draws closer, frontrunner Javier Milei's latest comments sent the peso plummeting against the US dollar.

That's as the libertarian candidate has campaigned on a platform that includes dollarizing the Argentine economy, with plans to scrap the peso entirely.

"The peso is a currency emitted by Argentine politicians, so it can't be worth excrement, because those pieces of trash don't even work as fertilizers," he said Monday, warning citizens to not hold savings in the local currency.