Thomson Reuters

The Argentine peso hit a record low versus the dollar on Friday.

Even three rate hikes by the Central Bank of Argentina last week couldn't help the currency.

Follow the Argentine peso in real time here.

The Argentine peso spiraled to an all-time-low Friday, dropping nearly 6% after the government reached out to the IMF in a desperate attempt to prop up the worst-performing emerging market currency this year.

The peso was down 5.75% versus the dollar at 11:40 a.m. ET, an all-time low at 24.0050 per dollar.

Argentine President Mauricio Macri said Tuesday that the government is seeking aid from the International Monetary Fund, after the country's central bank failed to contain the spiraling peso.

There have so far been few details on the type of aid Argentina would receive, but reports suggest it is seeking a $30 billion credit line. A deal will be "pursued in short order," IMF Managing Director Christine Lagarde said in a recent statement.

The partnership has received criticism at home and abroad. Argentina has had a complicated relationship with the IMF, who has been blamed for worsening the country's economic crisis in 2001.

The Central Bank of Argentina raised rates three times last week, with two of those hikes coming within 24 hours. The most recent hike pushed the benchmark interest rate up 675 basis points to 40%. Just a week ago, it was 27.25%.



The dollar is up 24.5% versus the peso this year.

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