The blue-chip swap rate plummeted 22 cents to 11.66 pesos in the beggining of the work week, at its lowest level since last August, while the stock exchange rate was down 17 cents at 11.77 pesos.
Meanwhile, the informal rate of the US currency, the so called «blue» dollar, went up two cents to close at 12.80 pesos, having spent much of the day trading higher.
The US dollar advanced half a cent to close at 8.565 pesos in Buenos Aires City banks and foreign exchange offices.
The Central Bank is striving to keep the US dollar rate steady by selling reserves. In the past 20 days the financial watchdog headed by Alejandro Vanoli has sold over u$s 230 million, amid inflation and depreciation of the region’s currencies. The drain on reserves is being countered by the US dollar provided by the swap deal with China.
Source: Buenos Aires Herald