Buenos Aires Times

economy ALL EYES ON CURRENCY

Dollar jumps past 23-peso mark after dip in early trading

The dollar kicked off early trade at 22.90 pesos but jumped over the 23-peso mark by midday.

Thursday 10 May, 2018
A teller in Buenos Aires counts US$ 50 bills.
A teller in Buenos Aires counts US$ 50 bills. Foto:Télam

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The dollar kicked off early trading on Thursday with a 20-cent drop against the peso.

The dollar had closed at 23.10 pesos on Wednesday. In early trading today, it was fetching 22.90, the Central Bank reported.

Private banks Galicia and ICBC were offering a selling rate of 23.40 pesos, while Macro set its dollar at 22.90 pesos, Noticias Argentinas reported.

GOV'T ON EDGE

The exchange rate has the Mauricio Macri administration on edge.

On Friday morning, less than half a day after the peso had slumped nearly eight percent to a record 23.30 against the dollar, the Central Bank said it would hike its benchmark interest rate to 40 percent – its third raise in a week.

Meanwhile, Treasury Minister Nicolás Dujovne said the government would also cut its fiscal debt target to 2.7 percent of GDP from 3.2 percent.

Dujovne is currently in Washington negotiating a line of credit with the International Monetary Fund (IMF).

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