directArgentina's currency extended gains to about 6 percent against its US counterpart on Monday after new measures approved by the government.

The government of President Mauricio Macri decided to impose controls on the currency after the losses of up to 50 percent, which witnessed since the beginning of the year, especially after the results of the primaries that showed the victory of the leftist candidate, "Alberto Fernandez," the current President Mauricio Macri.

The measures are aimed at restricting the purchase of foreign currency, as all companies in Argentina must seek permission from the country's central bank to sell the peso and buy foreign currency in order to carry out a transfer abroad.

Argentina has announced its intention to negotiate with sovereign bond holders and the International Monetary Fund on extending the maturity of debt obligations.

After the move, the rating agency Standard & Poor's downgraded Argentina's credit rating to a "selective default".

By 6:18 pm GMT, the Argentine peso rose 5.8 percent against the dollar to 56.0200 pesos.

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