The unofficial dollar in Argentina reached a peak of 880 pesos per unit, with some local exchanges selling it at 885 pesos.
This rise follows new rules Argentina’s National Securities Commission CNV set to oversee currency pricing.
As a result, the gap between this rate and the official U.S. dollar rate widened significantly.
Specifically, the unofficial rate was 151% higher than the rate for foreign trade. Compared to the official retail rate, the difference was 140%.
So far this year, the blue dollar rate has gone up 155.7%. It closed last year at 346 pesos per unit.
Other financial dollars also went up. For example, the Electronic Payments Market rate closed at about 820 pesos.
Meanwhile, the “Cash with Settlement” segment exceeded 900 pesos.
In just the first week of October, the unofficial rate rose by 10%. Since the August 13 primary elections, this rate has surged by 28%.
Background Blu Dollar
This surge in Argentina’s unofficial dollar rate occurs amid economic uncertainties. Inflation and political instability have also been pressing issues in the country.
On a global scale, currency fluctuations often reflect market sentiment, and Argentina is no exception.
This contrasts with stable economies like the U.S., where the dollar serves as a global benchmark.
The rising gap between official and unofficial rates indicates a lack of confidence in formal financial systems.
It also echoes trends in other nations with volatile currencies, such as Venezuela. Investors and citizens alike are likely watching these trends closely.
Understanding these movements can offer insight into both local economic health and broader market dynamics.