Argentina’s Peso Weakens Past Key Level in Parallel Market
- Blue-chip swap rate climbed to a record 201.6 pesos per dollar
- Spread between parallel, official rate widens to 102.3%
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Argentina’s parallel exchange rate weakened past a key threshold on Friday, as demand for assets in hard currency climbs ahead of the country’s midterm elections in November.
The blue-chip swap exchange rate, derived from buying shares locally and then selling them abroad for dollars, weakened to 201.6/USD at 1:42 p.m. in Buenos Aires. The spread between the official peso and the blue-chip rose to 102.3%, up from 100.5% yesterday, its widest in at least a year.