RIO DE JANEIRO, BRAZIL - Argentina's peso surpassed the psychological barrier of 300 pesos per U.S. dollar in the black market on Tuesday, hitting a record low as it traded down 3% compared with the previous day as both businesses and individuals hold on to scarce greenbacks.
The beleaguered currency in the informal market ARSB has lost nearly an accumulated 31% through the year, in line with 32% inflation during the same period, according to private estimates.
Savers are turning to the black market due to tight currency controls on the official exchange rate amid uncertainty over a potential . . .
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