Argentina's beleaguered peso sinks to new low as election looms
© Reuters. FILE PHOTO: A one hundred Argentine peso bill sits on top of several one hundred U.S. dollar bills in this illustration picture taken October 17, 2022. REUTERS/Agustin Marcarian/Illustration/File Photo
The peso weakened to a historic low of 1,050 pesos per dollar in the informal parallel market on Tuesday, traders said, with a jarring 200% gap between it and the value of the tightly controlled official exchange rate, currently at 350 pesos per greenback. Argentine voters will head to polls on Oct. 22 to choose among three main contenders to succeed outgoing leftist President Alberto Fernandez, with radical libertarian Javier Milei seen as the front-runner due to his shock first-place showing in the August primary.
"So it doesn't matter what you pay for a dollar, the objective is to dollarize before the elections and wait to see who becomes president."
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