December 12, 2016 / 2:01 PM / 2 years ago

Argentine peso hits all-time low 16.1 per U.S. dollar

BUENOS AIRES, Dec 12 (Reuters) - Argentina’s peso currency weakened 0.62 percent to an all-time low of 16.1 per U.S. dollar on Monday as residents of the South American country sought dollars ahead of year-end holiday vacations, local foreign exchange brokers said.

President Mauricio Macri took office a year ago after winning office on a free-markets platform. He allowed the peso to float on the foreign exchange market, scrapping years of currency and trade controls that had scared off investors.

Macri promised a wave of foreign direct investment would enter Argentina during 2016. But it remains low with the economy stuck in a recession and household purchasing power slammed by annual inflation expected by economists to end the year at 40 percent. (Reporting by Walter Bianchi Editing by W Simon)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below