Argentina's Merval is down 5.4%, and today's drop was the biggest since November 2013.

"The official peso gained as banks sold dollars to comply with a measure published Feb. 4 requiring them to reduce foreign-currency holdings to 30 percent of assets and cut futures contracts on foreign currency to 10 percent of portfolios by April 30," reports Camila Russo at Bloomberg.

Of course Argentina is one of the emerging market countries that suffers from "serial mismanagement by the authorities" which now poses a "risk to economic stability," according to Capital Economics' Neil Shearing. Argentina continues to face the risk of a currency crisis and sees strains in balance of payments.

Here's a five-day chart that shows the recent plunge:

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