Peso Slumps Despite US Intervention
The Argentine peso continued to slump, despite the US announcement of buying the currency, fueling fears of a potential devaluation.
US Treasury Secretary Scott Bessent announced that the United States bought the currency on the parallel exchange rate, known as the "blue chip swap."
The peso tumbled as much as 5.2 percent to 1,475 pesos to the US dollar, just five pesos off its record low, sparking doubts about the effectiveness of the US$20-billion rescue package.
- The US intervention failed to bolster the currency.
- Fears of a potential devaluation persist under President Javier Milei.
Author's summary: Peso slumps despite US buying currency.