Argentine Peso Slumps in Parallel Market as Inflation Soars
- Consumer prices soared 7.7% in March, more than expected
- Dollar futures imply a devaluation within next few months
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Argentina’s peso tumbled as much as 4.2% in the parallel exchange market Tuesday, the most this year, after inflation surged in March and uncertainty swirled over the nation’s reworking of its $44 billion program with the International Monetary Fund.
The so-called blue-chip swap fell for a fifth day, dropping to a record 425 pesos per dollar, according to data compiled by Bloomberg.