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ECONOMY | 07-05-2018 17:33

Stubborn dollar ends the day at 22.33p despite Central Bank efforts

The peso registered a slight bounce-bank in early trading but failed to make any significant gains.

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

Despite a slight bounce-bank in the peso in early trading, the Central Bank announced a weighted average buying rate of 21.56 pesos and a selling rate of 22.33.

Banco Nación was selling the dollar at 22.30 pesos while exchange houses registered an average 21.96 by close of trade.

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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