BUENOS AIRES, Argentina (AP) — Argentina’s state-run Banco de la Nación says the Argentine peso has hit a new low, closing at 45.90 to the dollar. It was as low 47.50 in midday trading Thursday.

The drop was attributed to investors’ growing distrust of the economic management of conservative President Mauricio Macri, who is seeking a second term in this year’s elections.

A financial consultant at the firm Pronóstico Bursátil told The Associated Press there is “a rejection of the peso due to the distrust that Macri’s eventual re-election generates.”

But consultant Marcelo Trovatto adds that there also is fear over the potential for interventionist and populist policies if former President Cristina Fernández should run and win the October election. The left-of-center Fernández led the country in 2007-2015, but has not announced a presidential bid.