Argentines in ‘expectations panic’ paid a record 9.20 Pesos for the US dollar
The US dollar in Argentina’s parallel or ‘blue’ market continued to soar on Thursday reaching a new record high of 9.16 and 9.20 Pesos buying and selling price which over twenty cents more than on Wednesday.
Market operators said that there is a rush to abandon to the Argentine currency and buyers are willing to pay record prices for foreign currency.
“This is about expectations. These runs have nothing to do with seasonal matters such as vacations and travelling. The truth is people want to have dollars”, said a foreign exchange operator in the banking district of Buenos Aires.
However operations were limited on fears that fiscal inspectors might be out in the district and they have special powers to intervene. But farmers collecting money from the sale of the soy crop “are coming to the parallel market looking for the greenbacks”.
Meanwhile the official dollar rate remained at 5.13 and 5.18 Argentine Pesos and the gap with the parallel market climbing to 77.4%. The other way of having US dollars through the sale of Argentine assets in New York, was trading at 9.01 Pesos.
Nevertheless the Central bank managed to end the day with a net purchase of 30 million dollars.