Peso Falls After US Treasury Intervention
Argentina's peso opened lower on Friday, despite US Treasury Secretary Scott Bessent's announcement that the US 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 bought pesos at the official exchange rate in Argentina's local market, adding to previous purchases. However, the peso weakened as much as 3.4 percent at the start of trading, and the parallel rate weakened more than one percent.
This is the first time Bessent has disclosed such a currency intervention, which was announced on X on Friday.
Author's summary: Peso falls despite US intervention.
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