Most Latin American stocks and currencies fell on Tuesday, with assets in Argentina the exception, a day after the country's central bank said it would ease limits on its interventions in the currency market.
Investor appetite for risk diminished across the region after Venezuelan opposition leader Juan Guaidó called on the nation's military and civilians to seek the "definitive end" of President Nicolás Maduro's government.
MSCI's index of Latin American stocks fell 0.7%, on the back of declines in Mexico and Brazil, whose stocks have the largest weighting on the benchmark.
However, the likelihood of dollar sales signaled by Argentina's central bank on Monday, as it aims to temper volatility in the peso, continued to support the currency on Tuesday and underpin sentiment towards assets in the country.
Argentina's stocks benchmark gained 1.1% to make back some ground lost during Monday's 3.9% slide. The peso was 1.3% firmer and was on track for its best two-day showing in nearly seven months, with a 5% gain.
Brazil's real softened 0.3% and stocks slipped 0.2%, largely on a lack of new developments around the progress of a proposal to reform the pension system.
Mexico's peso - one of the developing world's most liquid currencies - gave up initial gains to trade a shade lower. The country's economy, Latin America's second largest, shrank 0.2% in the first quarter, preliminary data showed.
Stocks were down 1.2% after hitting their lowest level in more than three weeks, with America Movil shares tumbling 4.9% after the telecommunications provider posted first-quarter results that displeased investors.
Colombia's peso, a currency loosely correlated with oil prices by virtue of the country's energy exports, firmed 0.4% as energy prices jumped on the turmoil in Venezuela, the country with the world's largest petroleum reserves.