Peso Falls After US Treasury Intervention
The Argentine peso opened lower on Friday, despite US Treasury Secretary Scott Bessent's announcement that the US had bought the currency on the parallel exchange rate, known as the "blue chip swap."
US Treasury Secretary Scott Bessent announced that the United States bought the currency Thursday on the parallel exchange rate known among investors as the “blue chip swap.”
The US Treasury also made purchases at the official exchange rate in Argentina's local market, adding to previous buys. However, the peso weakened by as much as 3.4 percent at the start of trading, and the parallel rate fell by more than one percent.
Author's summary: Peso falls despite US intervention.