Argentina Currency Plummets
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Author : Bozhou Marine
Update time : 2023-10-13 10:24:30
Argentina is currently in the midst of its worst economic crisis in 20 years, with the peso losing 71% of its value against the dollar in the past 12 months.
Argentina's official exchange rate has been fixed at 365 pesos to the dollar since August.
But on Monday, the exchange rate on Argentina's black market exchange house was 945 pesos per U.S. dollar, a drop of 7.4% in two days.
The gap between the official and unofficial exchange rates has widened to 165%, the largest on record.
At the same time, Argentina’s inflation rate reached 124% in August. Argentine officials will release the latest inflation data on Thursday. The current market expectation is that the inflation rate may exceed 130%, which will also be a new high since the country exited hyperinflation in the early 1990s.
The U.S. dollar rose to an unprecedented 1,040 against the Argentine peso on Tuesday on the black market, losing almost a quarter of its value in just a week.
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