The Colombian peso just collapsed.
The currency dropped by 2.7% to 2,959.03 per dollar around 9 a.m. ET as trading began. It retraced some of its losses minutes later, and is now down by 2.3% at 2,946.90 per dollar as of 9:19 a.m. ET.
The move follows Sunday’s referendum result during which Colombian voters rejected a peace deal negotiated over the last four years between the government and the country’s largest rebel group, FARC.
50.2% of voters rejected the agreement compared with 49.8% who voted for it, according to data cited by the BBC. The turnout was less than 38%.