So far in 2024, the Argentine peso led the race against the dollar, taking the parallel market as a brand. Despite the high inflation in the first months, which exceeded 50% in the quarter, according to official data, and the three cuts by the Central Bank in interest rates, The nominal exchange rate has barely changed since January.
This situation led to a strength of the Argentine peso of 25% against the US dollar in the last three monthsaccording to the Bloomberg index, based on the parallel market (blue chip swap). This appreciation places it as the most solid currency in the worldfollowed by the Turkish lira (+7.75%) and the Mexican peso (+3.1%).
What the ranking says
In contrast to the end of December, when the Argentine peso was the second most devalued currency in the world according to Bloomberg, with a fall of 77.89% against the dollar, now shows remarkable stability. This is also reflected in the financial exchange rates, where the MEP dollar has only risen 1.9% since January and the cash with liquid (CCL) has risen 8.8% in four months.
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Despite this apparent calm, the Multilateral Real Exchange Rate has fallen 41%, according to private data. Although the market seems to trust the Central Bank’s policies and has reduced its demand for hedging, Rofex future dollar contracts suggest a monthly depreciation close to 4% for May and June, with expectations of moderate increases towards the end of the year, with implicit rates above 5% monthly.
