Home Market Spotlight Argentina’s black market peso edged lower as stocks rebound as economic chief takes power

Argentina’s black market peso edged lower as stocks rebound as economic chief takes power

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Argentina’s black market peso edged lower as stocks rebound as economic chief takes power


BUENOS AIRES, July 5 (Reuters) – The closely-watched Argentine black market peso fell 2.62 percent to 267 against the dollar on Tuesday, traders said, after the shock resignation of the country’s economy minister sparked political uncertainty The decline slowed after plunging on Monday after sex.

Argentina’s new economy minister, Silvina Batakis, was sworn in on Monday and moved quickly to calm markets amid fears that the sudden exit of her predecessor, Martin Guzman, would spark calls for more Populist policies and shifts in state spending.read more

The black market exchange rate is seen as a reflection of the currency’s true investor sentiment, and the official exchange rate is kept stable through strict capital controls, forcing people into parallel markets to obtain dollars.

The S&P Merval stock index (.MERV) rebounded about 2% in early trade after falling on Monday. Over-the-counter sovereign bonds have struggled, trading around 20-25 cents against the dollar, down an average of 1.7% in early trade.

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Reporting by Jorge Otaura; Writing by Adam Jourdan; Editing by Chizu Nomiyama

Our Standard: The Thomson Reuters Trust Principles.

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