Spike In Blue Rate

[JamesKTusa]

Folks,

Can someone explain what's behind today's big jump in the blue peso/dollar rate, up 6+% to more than 8.7 ARS/USD? Some say it's due to the recent 20% 'tax' on foreign travel transactions, but I wonder if there's more to it.

Such a sharp (albeit unofficial) depreciation of the peso vs. dollar is a strong statement about confidence in the peso and Argentine economy, but why would this 'tax' cause people to suddenly run to buy dollars?. What am I missing?

- Jim

 

[arlean]

I wonder if anyone is actually getting this exchange rate in Buenos Aires. I´d say it is ominous for Argentina. Looking forward to opinions here from the smart folks, of which we have several!!!!!

 

[deadlegs]

On the paralelo people seem to be actually getting more like $8.1 if you are selling realtively small numbers of us$. under 1000. These very high exchange figures are only for those that are changing huge numbers.

 

[Splitty]

If you are looking for a cueva, ask around at most gold/ jewelry stores.
The smart people have their Argentine cards maxed out using Paypal as a processor and depositing the money into their overseas accts.

 

[arlean]

Argentines are amazing. They always figure out a way to get things done.

 

[nikad]

If you are looking for a cueva, ask around at most gold/ jewelry stores.
The smart people have their Argentine cards maxed out using Paypal as a processor and depositing the money into their overseas accts.

yes, that is the way to go.

 

[Jaredberryman]

This is really alarming. Why is it spiking like that? It can't just be the extra 20 percent!!!

 

[expatinowncountry]

Besides the obvious "tax" on foreign transactions, one possibility for the spike is that when the harvest is sold, there will not be as many dollars coming as in previous years. While the prices for most commodities are still high, last week we got the first robust reports on the coming harvest for soy and maize and they are not looking good. Volumes may be significantly lower than in previous years...

 

[Rich One]

It's a stampede until next week .....!!

 

[lucha54]

What is the current rate for trading $1000USD or less?