Dollar: opening price today January 24 in Argentina

The US dollar is trading at the beginning of today at 184.36 interbank Argentine pesos on average, which represented a change of 0.57% compared to the 183.31 interbank Argentine pesos of the previous session.

If we consider the data of the last week, the American dollar accumulates a rise of 0.86%, therefore in the last year it still accumulates a rise of 56.84%.

Analyzing this data with that of previous days, there are notable fluctuations in the value of this asset. The volatility referring to the last week is notoriously lower than the numbers achieved for the last year (4.67%), so we can say that it is going through a period of greater stability in recent dates.

Problems for the Argentine peso

Argentine peso

It is the legal tender in the country since 1992, this after it replaced the austral. Also known as “convertible peso”, due to its equivalence with the dollar that was later “broken” in 2002 due to a bill.

In the last two decades, the Argentine peso has been severely affected and has had a series of devaluations: during the administration of Néstor Kirchner it devalued 9%, going from 2.87 to 3.13 pesos per dollar; a second episode came in the administration of Cristina Fernández de Kirchner, when the currency lost its value by 211% and went from 3.13 to 9.74 pesos per dollar.

Later, on December 17, 2015, one week after Mauricio Macri became president, the Argentine peso devalued 42% and went from 9.83 to 13.95 pesos per dollar.

The economy of Argentina, the third economic power in Latin America, is going through a critical moment for this election year; a scenario that remains uncertain.

During 2022, the fiscal deficit was high and the monetary issue to finance it contributed to accelerating the inflation rate, which was even above 99%, showing macroeconomic imbalances that limit the sustainability of economic growth.

At the beginning of 2022, the Argentine government reached an agreement with the International Monetary Fund for a new Extended Facilities Program, which allows the country to postpone its maturities with the organization and strengthen its short-term reserves. Among the commitments assumed is the goal of consolidating its control, reaching a balance by the year 2025.

After a turbulent year, with strong exchange rate tension and where there were three Economy Ministers, the current government faces various challenges such as the jump to dollars, the increase in the economic gap, the upcoming presidential elections, debt maturities and more.

According to the Economic Commission for Latin America and the Caribbean (Cepal), by 2023 the country’s Gross Domestic Product (GDP) will barely grow one percent.

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