``Argentine President Cristina Fernandez de Kirchner’s efforts to weaken the peso are working, while policy makers in emerging markets from Brazil to South Africa fail to curb currency rallies. The peso has declined 0.7 percent in the past three months against the dollar, the only retreat among 25 emerging-market currencies tracked by Bloomberg. South Africa’s rand gained 7.9 percent and Brazil’s real rose 4.1 percent even as their central banks stepped up dollar purchases to stem the appreciation. ''

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