Argentina’s Peso Hits Record Low Despite U.S. Intervention Ahead of Critical Election
Argentina's peso plunged to a historic low of 1,476 per dollar on Monday, sinking below pre-intervention levels despite Washington's efforts to stabilize the currency. The U.S. Treasury's three peso purchases since October 9—estimated at $400 million—failed to halt the slide as markets brace for the October 26 midterm elections.
Libertarian President Javier Milei, a TRUMP ally, faces mounting economic chaos after his party's local election defeat last month. The central bank confirmed a $20 billion currency swap line with the U.S., but terms remain undisclosed. Investors continue fleeing to the dollar, unconvinced by stopgap measures.
The peso now teeters NEAR the bottom of Argentina's April exchange band. Analysts see Milei's legislative performance as a make-or-break moment for the currency—a poor showing could trigger uncontrolled devaluation as citizens dump pesos for hard assets.
