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Argentina's black peso depreciates at sharpest clip in 2 months
May 15, 2014 / 7:40 PM / 3 years ago

Argentina's black peso depreciates at sharpest clip in 2 months

BUENOS AIRES, May 15 (Reuters) - Argentina’s black market peso weakened around 2 percent to 10.97 per U.S. dollar on Thursday in the most marked depreciation since mid-March, foreign exchange traders said.

The so-called blue rate, as measured by Reuters, was tracking the easing this week in the official peso. After holding steady at around 8.0 since January’s sharp devaluation, this is now trading at 8.055 against the dollar.

Argentina’s central bank controls the official rate, dipping into dwindling reserves to keep the peso steady and to avoid fuelling one of the world’s highest inflation rates. (Reporting by Walter Bianchi; Writing by Sarah Marsh)

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