Exchange Rate in Argentina
Argentina - Exchange Rate
Argentine peso tumbles to new all-time low in June
The Argentine peso continues to depreciate, despite Central Bank efforts to stem the currency’s slide. On 29 June, the currency traded at a record-low 28.94 ARS per USD. The result represented a steep 16.5% weakening over the same day of the previous month. The peso was 58.9% weaker compared to the same day last year and 55.6% lower than at the beginning of the year.
The currency’s most recent slide reflects growing concern among investors on Argentina’s ability to implement IMF-mandated reforms amid a challenging economic scenario at home. Uncertainty persists despite a series of measures implemented by the government and the Central Bank to shore up the battered currency. On 18 June, the Central Bank increased the minimum reserve requirement by 5 percentage points to absorb excess peso liquidity in the market. The measure aims at taking in ARS 110 billion from the financial system to ease pressure on the U.S. dollar. Limits on foreign currency deposits held by private banks were reduced from 11% to 5%, allowing banks and private entities to carry out spot foreign exchange purchases. Following the announcement of these measures, the peso stabilized around the 27.11 ARS per USD threshold but started to depreciate again starting on 28 June, likely reflecting in part the release of disappointing industrial production data from the second quarter.
Looking ahead, the peso is expected to depreciate further due to widespread uncertainty over the economy’s health.
Panelists surveyed for this month’s LatinFocus report expect the ARS to end 2018 at 29.62 ARS per USD. They project the Argentine peso will trade at 30.20 ARS per USD at the end of 2019.
Argentina - Exchange Rate Data
|Exchange Rate (vs USD)||6.52||8.46||12.94||15.86||18.60|
5 years of economic forecasts for more than 30 economic indicators.
Argentina Exchange Rate Chart
Source: Thomson Reuters.
|Bond Yield||6.69||0.15 %||Dec 17|
|Exchange Rate||37.82||0.45 %||Dec 11|
|Stock Market||30,941||2.26 %||Dec 11|
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December 5, 2018
Industrial production contracted 6.8% over the same month of last year in October, according to data released by the National Statistical Institute (INDEC) on 4 December, marking a softer fall than September’s multi-year low 11.5% year-on-year decline. October’s reading again reflected contractions in almost all components of the index.
November 26, 2018
The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) contracted 5.8% in annual terms in September, a much sharper drop than the revised 1.9% fall recorded in August (previously reported: -1.6% year-on-year).
November 26, 2018
Exports increased 1.4% in year-on-year terms in October, contrasting September’s 4.8% fall.
November 22, 2018
The Universidad Torcuato di Tella (UTDT) consumer confidence index fell to 32.1 points in November from 32.6 points in October, marking the worst reading since September 2002.
November 16, 2018
According to the National Statistical Institute (INDEC), national consumer prices rose 5.4% over the previous month in October, coming in below September’s 6.5% month-on-month increase, which had marked the fastest increase in prices since April 2016.