Currencies
Argentine Peso Slumps to Record as New Controls Squeeze Market
- Official FX rate posts biggest intraday drop since 2020
- Investors are growing jittery days before primary elections
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Argentina’s peso fell to a record low in the parallel market as the nation braces for volatility ahead of key primary elections Sunday.
The parallel exchange rate, known locally as the blue-chip swap, weakened as much as 1.7% to around 591 pesos per dollar Monday. Argentina’s official exchange rate dropped as much 1.4%, the most intraday since September 2020, bringing the gap between the two to more than 109%.