ARGENTINA'S PESO CRASHES

BUENOS AIRES : Argentina's peso collapsed almost 6 percent to a record low of 33.5 per US dollar on Wednesday, prompting the central bank to sell dollar reserves for the second day while the president asked the International Monetary Fund for early release of funds under a standby deal.

The currency is down more than 43.5 percent in 2018, prompting massive central bank intervention including the sale of $500 million in reserves between Tuesday and Wednesday.

Nerves are frayed in Latin America's No.3 economy  as it struggles to break free from its notorious cycle once-a-decade financial crisis.

The most recent one, punctuated by a 2002 debt default, tossed millions of  middle-class Arrgentines into poverty.

Investors are once again concerned that Argentina, with its high inflation, weak economy and a global fallout from a global sell-offs in emerging markets, may not meet its debt obligations

''We have agreed with  the International Monetary Fund to advance all the necessary in guarantee compliance with the  financial program next,'' President Mauricio Macri said in a televised address on Wednesday.

''This decision aims to eliminate any uncertainty.''

A spokesperson for the Fund had no immediate comment. [Reuters]