January 3, 2013 / 3:10 PM / 5 years ago

FXNEWS-Black market Argentine peso knockin' on 7s door

Argentina’s peso slid 1.71 percent on the parallel or black market to 7.01/7.03 per dollar, pushed to a new all-time weak point by confidence-sapping currency control and demand for dollars as Argentines take off for their summer holidays, traders said.

The peso was unchanged in official, interbank trade at 4.9225/4.925. The breach between the two rates has widened to 42.5 percent as average Argentines register their lack of confidence in the local currency.

In the so-called blue-chip swap market, which reflects the implied exchange rate used to buy Argentine shares or bonds that can be sold for dollars overseas, the peso was at 6.98 per greenback.

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