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Argentina black market peso edges lower as economy chief takes reins, stocks bounce

07/05/2022 | 11:09am EDT
Argentine one hundred peso bills are displayed in this picture illustration

BUENOS AIRES (Reuters) - Argentina's closely watched black market peso weakened 2.62% to 267 per dollar on Tuesday, traders said, a slower fall after it crashed on Monday amid political uncertainties sparked by the shock resignation of the country's economy minister.

Argentina's new economy minister Silvina Batakis was sworn in on Monday and quickly moved to calm markets worried that the abrupt exit of her predecessor Martin Guzman would spark a shift towards more populist policies and state spending.

The black market exchange rate is seen as a reflection of real investor sentiment in the currency with the official rate held stable by strict capital controls that push people into parallel markets to obtains dollars.

The S&P Merval stock index bounced in early trading around 2% after falling on Monday. Over-the-counter sovereign bonds, already in distressed territory and around 20-25 cents on the dollar, slipped on average 1.7% in early trading.


GRAPHIC:

(Reporting by Jorge Otaola; Writing by Adam Jourdan; Editing by Chizu Nomiyama)


© Reuters 2022
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