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Argentina's black market peso fell 3.91% against the dollar on Wednesday, hitting a record low of 1,280 per dollar. The informal rate has pulled away from the official rate, with the gap widening to about 44%.
Traders attributed the move to political tensions, slow farm sales and the central bank's rate cut to 40% from 50%.
A weaker peso slows Argentina's farm sales and cuts the dollar value of its grain and meal exports, which can tighten or loosen global protein supply. Currency stress also raises the risk of policy shifts that affect Argentine export flows.
reuters.comJorge OtaolaMay 22, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
