# Argentine peso hits record low in black market as economy creaks

> Argentina's peso hit a record low in parallel markets on April 20, weakening about 4% to 438 per dollar, roughly double the official rate of 218. The slide reflects 104% inflation, dwindling central bank reserves and drought-hit exports under tight capital controls.

- Date: 2023-04-20 · published 2023-04-20T12:00:00.000Z
- Category: macro · region Argentina · magnitude medium
- Page: https://feedsoft.ai/events/36672-argentine-peso-hits-record-low-in-black-market-as-economy-creaks
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md), [Argentine Peso (ARS per USD)](https://feedsoft.ai/c/USDARS.md)

## Why it matters

Drought losses reduce Argentine export dollar income and the peso slide encourages farmers to hold back grain, tightening soymeal and corn export availability and supporting prices.

## Read by commodity

- SBM: bullish ▲
- CORN: bullish ▲
- USDARS: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2021-04-11 | [Argentine farmers, facing peso uncertainty, hoard soya despite high prices - Markets - Business Recorder](https://feedsoft.ai/events/47430-argentine-farmers-facing-peso-uncertainty-hoard-soya-despite-high-prices.md) | -0.1% | +8.2% |
| SBM | 2023-11-20 | [Argentina's black market currency traders brace for uncertainty](https://feedsoft.ai/events/33457-argentina-s-black-market-currency-traders-brace-for-uncertainty.md) | +1.1% | -8.0% |
| SBM | 2018-05-21 | [What multinationals should monitor in the aftermath of Argentina’s peso crash](https://feedsoft.ai/events/65313-what-multinationals-should-monitor-in-the-aftermath-of-argentina-s-peso-crash.md) | +1.1% | -10.8% |
| SBM | 2025-08-01 | [Argentine Peso Posts Worst Month Since Milei’s 2023 Devaluation](https://feedsoft.ai/events/24044-argentine-peso-posts-worst-month-since-milei-s-2023-devaluation.md) | +3.3% | +8.6% |
| SBM | 2023-03-29 | [Argentina: “Blue” dollar reaches AR$ 397 — MercoPress](https://feedsoft.ai/events/37155-argentina-blue-dollar-reaches-ar-397-mercopress.md) | +0.2% | -5.1% |
| CORN | 2024-09-12 | [Brazilian market has firm prices and new area cut in the summer corn crop](https://feedsoft.ai/events/13549-brazilian-market-has-firm-prices-and-new-area-cut-in-the-summer-corn-crop.md) | +4.9% | +5.1% |
| CORN | 2022-07-13 | [Crop Markets, Pork Export Markets, Economic Outlook - Pork Checkoff](https://feedsoft.ai/events/40654-crop-markets-pork-export-markets-economic-outlook-pork-checkoff.md) | -11.6% | -12.4% |
| CORN | 2018-06-26 | [Argentine agriculture investments could prove elusive](https://feedsoft.ai/events/64374-argentine-agriculture-investments-could-prove-elusive.md) | -2.3% | -3.5% |

## Sources

- reuters.com: https://www.reuters.com/markets/currencies/argentine-peso-hits-record-low-black-market-economy-creaks-2023-04-20/

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