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The informal 'blue dollar' rate jumped 9.8% in a week to 1,230 pesos per dollar, close to its January all-time high. The blue-chip swap rate rose 8.3% over the same period.
Analysts linked the move to the central bank's sixth benchmark rate cut since Milei took office, which prompted savers to shift peso deposits into dollars.
Rapid peso depreciation in the parallel market signals stress in Argentina's currency regime, which can slow farm sales as sellers hold back grain for a weaker official rate. The effect on global feed supply is modest, but it reinforces the risk of further currency volatility.
buenosairesherald.comFacundo IglesiaMay 21, 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.
