Banking - Argentina

Argentina blue rate surpasses 10 pesos to the dollar

Argentina blue rate surpasses 10 pesos to the dollar

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Argentina's parallel exchange rate, the so-called blue rate, has passed the 10 pesos per US dollar mark, just a day after President Cristina Fernández rejected the idea of devaluing the peso.

The blue rate reached 9.95 pesos per US dollar on Friday (May 3), and according to local paper Cronista, as of Tuesday morning it had passed the 10 peso-to-dollar mark.

According to local paper La Nacion, it climbed up to 10.50 pesos-to-dollar on Wednesday afternoon, more than double the official 5.22 peso-to-dollar rate.

"Those who seek to make money at the expense of devaluation... will have to wait for another government. Not with us," Fernández said, in a presidential release.

Argentina's exchange rate policy is an administered exchange rate based on predictability and competitiveness, Argentina's vice president Amado Boudou previously said.