Buenos Aires Times

economy AFTER TENSE WEEK

Argentina's peso registers slight rebound as eyes remain fixed on currency exchange

The exchange rate has the Mauricio Macri administration on edge as its economic policies hang in the balance.

Today 12:10 PM
A teller in Buenos Aires counts US$ 50 bills.
A teller in Buenos Aires counts US$ 50 bills. Foto:Télam

More Economy News

The value of the dollar against Argentina’s peso continued shaping the news agenda in Buenos Aires on Monday.

The Central Bank began the trading week buying dollars at 21.40 pesos and selling at 22.20.

For its part, Banco Francés was buying the dollar at 21.41 pesos and selling at 22.09, 21 peso-cents less than close of business Friday.

Banco Patagonia (controlled by Banco do Brasil) was buying the dollar at 21.35 and selling at 22.15, 10 peso-cents less than Friday.

Exchange houses, meanwhile, were selling the dollar at 21.50 pesos, one percent lower than Friday at close of business.

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.

-TIMES

 

 

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