# Argentine Peso Breaks Historic Low Mark as Argentines Hedge Savings in Dollars – Bitcoin News

> The Argentine peso fell to a record low of 356 per US dollar in the parallel market on December 28, losing nearly 10% in one week. The currency has lost more than 70% of its value against the dollar since the start of 2022. Argentines are shifting peso savings into dollars and stablecoins as a hedge.

- Date: 2022-12-29 · published 2022-12-29T12:00:00.000Z
- Category: macro · region Argentina · magnitude low
- Page: https://feedsoft.ai/events/38509-argentine-peso-breaks-historic-low-mark-as-argentines-hedge-savings-in-dollars
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Peso weakness can encourage farmers to sell soybeans and grain faster to capture dollar value, which adds to export supply and pressures meal and oil prices, while the loss of purchasing power also erodes domestic feed demand.

## Read by commodity

- SBM: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2023-10-10 | [Argentina's beleaguered peso sinks to new low as election looms \| Reuters](https://feedsoft.ai/events/33934-argentina-s-beleaguered-peso-sinks-to-new-low-as-election-looms-reuters.md) | +4.8% | +18.2% |
| 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 | 2021-11-01 | [Argentines Are Desperate for Dollars](https://feedsoft.ai/events/44845-argentines-are-desperate-for-dollars.md) | +0.2% | +2.8% |
| 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 | 2019-08-27 | [To shore up peso, Argentina breaks IMF rule \| Business and Economy \| Al Jazeera](https://feedsoft.ai/events/57874-to-shore-up-peso-argentina-breaks-imf-rule-business-and-economy-al-jazeera.md) | -1.7% | +0.8% |

## Sources

- news.bitcoin.com: https://news.bitcoin.com/argentine-peso-breaks-historic-low-mark-as-argentines-hedge-savings-in-dollars/

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