Exchange Rate in Argentina
Argentina - Exchange Rate
Argentine peso gains ground in June
The Argentine peso strengthened in the last few weeks, thanks to positive domestic news and USD weakness. On 5 July, the currency traded at 41.84 ARS per USD, which represented a 7.4% appreciation over the same day of the previous month. Nevertheless, the peso lost broadly a third of its value compared to the same day last year and was 10.4% lower than at the beginning of the year.
The currency’s recent appreciation reflects both internal and external factors. On the internal front, the peso jumped on the government’s announcement in the second half of June that a primary fiscal surplus of 0.2% of GDP in the January-May period had been achieved. This was because this keeps the country on track to meet the fiscal goals outlined in the IMF standby agreement. Moreover, President Macri’s choice of Miguel Pichetto, a moderate Peronist, as his vice-president candidate for re-election in October was celebrated by markets, offering further support to the peso, as analysts consider the move could increase Macri’s chances to win. On the external front, easing tensions between the U.S. and China following the G20 Osaka meeting propped up the peso, while rising expectations of a near-term interest rate cut by the Fed put some downward pressure on the USD.
Looking ahead, the peso is expected to depreciate further due to still-high inflation, policy uncertainty and fragile investor confidence, although the scope of its weakening should narrow compared to last year thanks to the Bank’s tight monetary policy stance.
Panelists surveyed for this month’s LatinFocus report see the ARS ending at 50.61 per USD and 61.36 per USD in 2019 and 2020, respectively.
Argentina - Exchange Rate Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Exchange Rate (vs USD) | 6.52 | 8.46 | 12.94 | 15.86 | 18.60 |
Argentina Exchange Rate Chart
Source: Thomson Reuters.
Argentina Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 6.69 | 0.15 % | Dec 17 |
| Exchange Rate | 41.70 | 0.45 % | Jul 11 |
| Stock Market | 42,856 | 2.26 % | Jul 11 |
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Economic News
Argentina: June puts an end to five months of accelerating inflation
July 17, 2019
National consumer prices rose 2.7% over the previous month in June, coming in below May’s 3.1% month-on-month increase, and marking the lowest reading in six months, according to the National Statistical Institute (INDEC).
Argentina: Argentine peso gains ground in June
July 8, 2019
The Argentine peso strengthened in the last few weeks, thanks to positive domestic news and USD weakness.
Argentina: Softest contraction in industrial production in nine months in May
July 4, 2019
Industrial production fell 6.9% over the same month of last year in May, according to data released by the National Statistical Institute (INDEC) on 4 July.
Argentina: Central Bank sets a temporary floor for LELIQ rate in July
July 3, 2019
At its latest meeting held on 1 July, the Central Bank of Argentina (BCRA) set a temporary floor for the LELIQ rate during July, in order to continue its fight against inflation.
Argentina: Surging exports and plunging imports bump up trade surplus
June 27, 2019
Exports surged 16.5% in year-on-year terms in May, following April’s revised 1.9% increase (previously reported: +1.7% year-on-year).
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