Buenos Aires Times

economy EXCHANGE MARKETS

Dollar breaches 47-peso barrier before dropping to 46.10

Another trading day marked by volatility sees peso weaken against dollar and country risk hit 950.

Thursday 25 April, 2019
Amidst another trading day marked by volatility, the peso weakened against the US dollar this morning, pushing past the 47-peso barrier, before dropping to just over 46 pesos by 2pm.
Amidst another trading day marked by volatility, the peso weakened against the US dollar this morning, pushing past the 47-peso barrier, before dropping to just over 46 pesos by 2pm. Foto:BUENOS AIRES TIMES

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Amidst another trading day marked by volatility the peso weakened again against the greenback this morning, with the US dollar pushing past the 47-peso barrier before dropping back down to just over 46 pesos by 2pm.

The peak came around in late morning when the greenback was selling for 47.50 in some locations, including Banco Nación, and at 45.50 pesos to buy. It had settled by 2pm to around 46.10 pesos per greenback.

Country risk also rose sharply, echoing yesterday's increase, to reach 1,011 at 10.30am – a new record in the Maurico Macri era. That too later settled to around 950 by 2pm.

The peso continues to creep closer to the Central Bank's currency band upper limit of 51.45 pesos, scoring daily rises. On Wednesday, the currency had closed at 44.92 pesos per dollar, with country risk around 963 basis points.

Trading specialists say the shift is taking place among a strengthening of the dollar in international markets and as investors reassess the chances of President Mauricio Macri winning re-election and a new term running until 2023 in October's upcoming presidential election.

By midday, the Merval stock exchange had fallen by almost 1.5 percent, with collapses in leading shares. The BBVA Francés bank was down 17.91 percent, for example.

- TIMES/AFP

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