Argentina's official peso strengthened to around 1,065 pesos per dollar on Monday, surprising traders by getting back below the 1,074 per U.S. dollar
Argentina’s official peso strengthened to around 1,065 pesos per dollar on Monday, surprising traders by getting back below the 1,074 per U.S. dollar level seen before capital controls were abruptly lifted at the start of last week.
Last week, the peso had tumbled after the government undid large parts of years-long capital controls and shifted the currency from a controlled ‘crawling peg’ to a far wider trading band as part of a reform package by the libertarian government.
President Javier Milei, who championed scrapping the currency controls, ruled out last week that the central bank would intervene in the forex market, unless the peso breaks back below the 1,000 per dollar trading band floor.
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