Argentine Peso

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Argentine Peso

The currency of Argentina. It was introduced in 1992, replacing the austral following a bout of hyperinflation. At introduction, it was pegged to the U.S. dollar at a one-to-one ratio, meaning that if one presented one peso to the Central Bank of the Republic of Argentina, it could be redeemed for one dollar. This peg was dropped during the Argentine economic crisis of 2001, but the Central Bank attempts to keep the value of the peso around three dollars to promote stability. It is also called the peso convertible.

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The Argentinian central bank was forced to raise interest rates dramatically (up 17 percentage points since May 2013) as FX reserves evaporated, forcing a devaluation of the Argentinian Peso in January 2014.

QNB: Calm in emerging markets but underlying vulnerabilities remain

The ungluing became serious when the Argentinian peso crashed over 15% against the dollar in one session.

Tale of the tumbling rand: the South African rand is yet again in the wars. Like a handful of other emerging markets, the US's 'tapering' bailout of its economy has sucked value from their currencies, leading to fairly spectacular falls. In response, the South African Reserve Bank has raised its base lending rate but this has led to confusion in the market. Tom Nevin has the details

Emerging markets are continuing to be hampered by the exodus of funds as investors move money back to the developed markets, something which has caused the likes of the Turkish lira, Argentinian peso and the South African rand to be thrown into turmoil.

Volatility expected ahead of central bank and NFP announcements

The Argentinian peso has been in free fall since after a move by Argentina's government to devalue the currency last week.

Wall Street Closing

Investors headed for the exit as concerns grew of a repeat of last June's emerging markets rout following Thursday's plunge in the value of the Argentinian peso as the country's central bank gave up on its battle to prop up the currency through intervention in financial markets.

MARKET REPORT

The South African rand, Russian ruble, Turkish lira, and especially the Argentinian peso -- which fell 13 percent Thursday -- have been ''trounced,'' said Jane Foley, a currency strategist at Rabobank.

Trouble around world drags US stocks down; Fear returns; Dow drops nearly 500 pts. in 2 days

The rupee was the worst performer after the Indonesian rupiah and Argentinian peso among 24 emerging-market currencies tracked by Bloomberg in the September quarter.

Sensex hits 3-week high on Infosys; rupee advances

The devaluation of the Argentinian Peso, however, forced companies to Face cost increases for imports, which in turn slowed down their renewal process.

Jornadas conference signals TV recovery

Net earnings were heavily impacted by exceptionals resulting from restructuring foodservice acquisitions in the US and charges related to the devaluation of the Argentinian peso.

Caution voiced by Carrefour and Ahold. (Continental Multiples)

US dollars are accepted everywhere and worth exactly the same as the Argentinian peso.

Travel: 48 hours in Buenos Aires; Don't cry for anyone who spends a weekend in Argentina's buzzing capital. It's heaven on earth for meat-loving culture vultures

Currency weakness in Asia, caused mainly by depreciation of the Japanese yen, will certainly affect EU pork exporters; and it is almost possible to believe Strak's suggestion of the Argentinian peso devaluation stimulating more pigmeat output from that corner of South America.

Recession and rationalisation buzzwords for Strak. (Forecasts)

He vowed to try to keep a key economic law pegging the Argentinian peso to the United States dollar.

Argentina appoints a caretaker president; BUENOS AIRES: Marathon debate ends with decision to hold election in March