Argentina Bid To Bring in Dollars Stumbles as Peso Falls Faster
- Soybean exporters didn’t sell any dollars Wednesday on market
- Peso tumbling as inflation data fuels devaluation fears
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Argentina’s renewed strategy to build up its stockpile of dollars at the central bank faced a setback Wednesday as the peso extended losses amid faster inflation over 100%.
Soybean exporters, who are temporarily allowed to sell dollars at a rate of 300 pesos per dollar compared to the official rate at 218, didn’t sell a single greenback Wednesday, the first day of no such sales since the policy started last week.