Argentine Black Market Peso Rally Stalls on Government Raids
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Argentina’s peso in the illegal street market weakened for the first time in almost two weeks as the government carried out raids on brokerages and currency exchange houses.
The black market peso slid 3.8 percent to 13.15 per dollar at 5:40 p.m. in Buenos Aires, according to Ambito.com, which tracks the rate. The peso has surged 21 percent since its record low of 15.95 per dollar in September and yesterday touched a four-month high of 12.65. Most Argentines are prohibited from buying dollars at the official rate of 8.5 per dollar so they turn to the illegal street market.