The U.S dollar-Argentine peso exchange rate escalated during December, with the Argentine fiat currency reaching new historic lows as citizens ran to exchange their holiday payments for dollars. The U.S. dollar reached a value of 356 pesos on December 28, losing almost 10% during just one week, and threatening to spur a more significant inflationary jump.
Argentine Peso Sinks to Lowest Level in History
Argentina, one of the countries in Latam with active exchange control for foreign currencies, is facing difficulties maintaining the value of its fiat currency. The exchange between U.S. dollars and Argentine pesos reached historic levels, with the peso sinking to its lowest level ever on Dec. 28. The dollar reached a price of 356 pesos in its parallel cash denomination, also called “blue,” having closed November with a value of 314 pesos per U.S. dollar.
The Argentine peso plummet accelerated last week when it lost more than 10% of its value. Since the start of 2022, the Argentine c
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