KONTAN.CO.ID - BUENOS AIRES. The free-fall of Argentina's troubled peso showed no signs of slowing on Tuesday, with the local currency surpassing the psychological barrier of 1,000 pesos per U.S. dollar less than two weeks before a crucial presidential election. The peso weakened to a historic low of 1,050 pesos per dollar in the informal parallel market on Tuesday, traders said, with a jarring 200% gap between it and the value of the tightly controlled official exchange rate, currently at 350 pesos per greenback. The currency later pared losses before closing at 1,010 per dollar, with demand for foreign currency pushing the central bank to sell around $220 million in reserves, its largest intervention since late August.
Argentina's Beleaguered Peso Sinks to New Low as Election Looms
KONTAN.CO.ID - BUENOS AIRES. The free-fall of Argentina's troubled peso showed no signs of slowing on Tuesday, with the local currency surpassing the psychological barrier of 1,000 pesos per U.S. dollar less than two weeks before a crucial presidential election. The peso weakened to a historic low of 1,050 pesos per dollar in the informal parallel market on Tuesday, traders said, with a jarring 200% gap between it and the value of the tightly controlled official exchange rate, currently at 350 pesos per greenback. The currency later pared losses before closing at 1,010 per dollar, with demand for foreign currency pushing the central bank to sell around $220 million in reserves, its largest intervention since late August.