Argentina's National Currency Slips To 63 Pesos Per US Dollar Amid Political Uncertainty

Argentina's national currency peso was not only unable to at least partially recover from its sharp drop in the wake of the opposition's victory in the primaries but fell to 63 pesos per US dollar, the banking data have shown

BUENOS AIRES (UrduPoint News / Sputnik - 15th August, 2019) Argentina's national currency peso was not only unable to at least partially recover from its sharp drop in the wake of the opposition's victory in the primaries but fell to 63 pesos per US dollar, the banking data have shown.

The peso initially dropped by around 30 percent from 46-47 pesos to 60-64 pesos per US dollar on Monday when the results of the primaries were announced. According to them, opposition alliance Front of All led by Alberto Fernandez gained over 47 percent of the vote, while the Together for Change coalition of incumbent president Mauricio Macri gained only 32 percent.

Late on Tuesday, the currency rate stood at around 58 pesos per US dollar. Early on Wednesday, Argentina's central bank Banco Nacion lowered the exchange rate of the national currency by 5 percent to 61 pesos. However, later on the same day, the currency was traded at 63 pesos per US dollar.

While some banks, including Banco Ciudad, Banco Patagonia, followed suit, others traded the national currency at 64-65 pesos per US dollar.

Analysts, surveyed by Sputnik, said it was difficult to forecast the peso rate for the near future, citing uncertainty in both political and economic areas.