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Dollar in Argentina climbs to 13 Pesos and the stock market drops 1%

Tuesday, July 29th 2014 - 05:13 UTC
Full article 6 comments
As 30 July deadline approaches many investors are seeking refuge with the US dollar As 30 July deadline approaches many investors are seeking refuge with the US dollar

The “blue” dollar on Monday spiked 40 cents, to 13 Argentine pesos, amid growing uncertainty over the negotiations between Argentina and its holdout creditors in New York, as the July 30 deadline set by US Judge Thomas Griesa approaches.

 The official US dollar, meanwhile closed up one cent, trading at 8.20 Pesos in Buenos Aires City banks and foreign exchange offices.

The Central Bank bought 30 million, adding to the 40 million it had purchased last Thursday. Grain exporters sold off over 640 million last week, totaling 15 billion dollars so far in 2014.

Argentina's foreign currency reserves, however, descended to 29.01 billion dollars, a drop of 695 million which corresponds to the first payment made on Monday to Paris Club creditors.

Meanwhile the Buenos Aires stock exchange Merval index closed 1% down on Monday at 7.844,56. In earlier trading stocks climbed but at the end of the day with events in New York full of uncertainty, the market was down.

Among the worst peforming stock was the Macro bank, down 9.4%; Edenor, 5.2%; Pampa Energia, 4.2%; Aluar, 3.6%; Galicia, 2.7%; Frances, 2.2% and Comercial del Plata, 2.1%.
Argentina's country risk as measured by JP Morgan climbed 2.5% to 704 points.

Categories: Economy, Argentina.

Top Comments

Disclaimer & comment rules
  • lsolde

    Down & down she goes,
    Where she stops,
    Nobody knows.
    Almost feel sorry for them.
    C'est la vie.

    Jul 29th, 2014 - 08:51 am 0
  • ChrisR

    So, it starts, the final slide into monetary meltdown.


    Perhaps, but only perhaps, the electorate will wake up to the criminality of their 'government' and will elect somebody who will be honest and not rob them blind.

    BUT, it's The Dark Country! Ha, ha, ha.

    I wonder if 'No Money Pepe' ever made sure we got paid for all the electricity we sent them when their bicycle wheel dynamo failed during the last rainy weather? Stupid question.

    Given that the crooks are not paying for the imports from us it would be no different if they croaked big time.

    Jul 29th, 2014 - 10:51 am 0
  • redp0ll

    Chris, I just hope that bumbling Pepe will not help them out by committing the small nest egg we have in the BCU to Argentina in exchange for their worthless bonds, but it wouldn't put it past him

    Jul 29th, 2014 - 07:54 pm 0
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