Exchange market stable on second day of currency controls

The local exchange market was stable as the second day of currency controls got underway this morning, with the peso at 58.59 per dollar, a slight depreciation of 0.14 percent on the previous day.

On Monday, on a day of few transactions and holidays in the United States, the national currency had closed at 58.51 pesos per dollar, without the need for intervention from the Central Bank.

Over the past three weeks, after the strong setback for President Mauricio Macri in the PASO primaries, the peso has weakened by more than 20 percent against the greenback despite daily interventions from the Central Bank of some US$300 million. International reserves fell more than US$12 billion over the same period.

On Sunday, the government decided to introduce some currency controls, including measures such as limiting purchases by individuals to US$10,000 a month.

– TIMES/AFP