Argentina's new economy minister Silvina Batakis was sworn in on Monday and quickly moved to calm markets worried that the abrupt exit of her predecessor Martin Guzman would spark a shift towards more populist policies and state spending.
The black market exchange rate is seen as a reflection of real investor sentiment in the currency with the official rate held stable by strict capital controls that push people into parallel markets to obtains dollars.
The S&P Merval stock index bounced in early trading around 2% after falling on Monday. Over-the-counter sovereign bonds, already in distressed territory and around 20-25 cents on the dollar, slipped on average 1.7% in early trading.
(Reporting by Jorge Otaola; Writing by Adam Jourdan; Editing by Chizu Nomiyama)