# Argentina's beleaguered peso sinks to new low as election looms | Reuters

> Argentina's peso fell to a record 1,050 per US dollar in the informal parallel market on Tuesday, passing the 1,000 level less than two weeks before the presidential election. It closed at 1,010 after the central bank sold about $220 million in reserves, its largest intervention since late August. The official rate remained pegged at 350 pesos per dollar.

- Date: 2023-10-10 · published 2023-10-10T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/33934-argentina-s-beleaguered-peso-sinks-to-new-low-as-election-looms-reuters
- Commodities: [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

A widening gap between the official and parallel rates raises pressure on exporters and crushers to sell dollars and encourages capital flight, which can weaken Argentina's soymeal export flows. Reserve depletion also raises the risk of abrupt policy changes.

## Read by commodity

- SBM: bearish ▼
- USDARS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2018-08-30 | [Argentina crisis: Peso crashes to record low amid IMF plea](https://feedsoft.ai/events/63822-argentina-crisis-peso-crashes-to-record-low-amid-imf-plea.md) | +2.9% | +2.0% |
| SBM | 2018-09-27 | [Argentina peso slides after record loan with IMF \| AP News](https://feedsoft.ai/events/63331-argentina-peso-slides-after-record-loan-with-imf-ap-news.md) | -0.1% | -0.5% |
| SBM | 2018-08-30 | [Argentina hikes interest rate to 60 percent; peso plunges \| AP News](https://feedsoft.ai/events/63820-argentina-hikes-interest-rate-to-60-percent-peso-plunges-ap-news.md) | +2.9% | +2.0% |
| SBM | 2022-12-29 | [Argentine Peso Breaks Historic Low Mark as Argentines Hedge Savings in Dollars – Bitcoin News](https://feedsoft.ai/events/38509-argentine-peso-breaks-historic-low-mark-as-argentines-hedge-savings-in-dollars.md) | +4.4% | +1.2% |
| SBM | 2023-03-31 | [IMF unlocks $5.4 bln in funds to Argentina, boosting reserves \| Reuters](https://feedsoft.ai/events/37161-imf-unlocks-5-4-bln-in-funds-to-argentina-boosting-reserves-reuters.md) | -0.7% | -3.8% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/argentinas-peso-currency-hits-fresh-record-low-informal-market-2023-10-10/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.