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MercadoLibre drops after Venezuela devalues currency by 33%

Shares of MercadoLibre (MELI) declined after Venezuela said it will devalue its currency by 33% to 6.3 bolivars per dollar from 4.3 bolivars per dollar. Bloomberg reported the move by Venezuela, citing a statement by Finance Minister Jorge Giordani. MercadoLibre hosts an online commerce platform in Latin America. The company's shares, after trading all day, are down 3.5% to $82.86 in late afternoon trading.