The exchange rate of the Argentine peso reached historic lows Monday in a decline that took its exchange rate to almost 600 pesos per U.S. dollar. Economists state that the uncertainty of the upcoming elections caused key bagholders to hedge their portfolios with foreign currency. However, analysts fear the effect this movement might have on retail prices.
Argentine Peso Bleeds as Investors Take Cover in U.S. Dollars
The Argentine peso plunged to new historic lows Monday, less than a week before the PASO elections, in which parties elect their representatives for the October general ballotage. The Argentine fiat currency reached 597 units per dollar on its free “blue” exchange rate, jumping 22 pesos in just one day.
This accelerated fall is said to be related to the uncertainty in the upcoming elections, with individuals and companies seeking to hedge their savings in foreign currency. Also, economic analysts say the next meeting with the International Monetary Fund (IMF), which co
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