Parallel Peso of Argentina Drops to Record 705 Per Dollar: Traders
AUGUST 15 (Reuters), BUENOS AIRES – After the unexpected victory of libertarian Javier Milei in the primary elections, the dollarization of portfolios caused Argentina’s black market (also known as the “blue market”) to reach its lowest point on Tuesday.
The peso declined by 2.84% to 695/705 per dollar in Buenos Aires’ downtown due to police controls, breaking the previous record of 695 units set on Monday.
The official peso exchange rate was depreciated by the central bank the day before and fixed at 350 to the dollar until the general elections in October, resulting in a 101.4% currency difference. (Jorge Otaola reported; Hernán Nessi worked with him; Nicolás Misculin edited the material.)