Argentinean Peso Slides Back Toward Record Lows

2025-10-01 17:04 By Felipe Alarcon 1 min. read

The Argentine peso weakened past 1,400 per US dollar and slipped back toward its record low of 1,475 on September 19th after a brief recovery.

A US backed $20 billion swap line and bond purchase pledge briefly sparked a roughly 10% rally in mid September, but the boost faded as nearly $6 billion of farm export dollars flooded the market while the Treasury bought only about $2.2 billion.

Traders exploited the gap with “rulito” round trips that may be draining roughly $2 billion a month, forcing the central bank and Treasury to burn about $1.1 billion of reserves in days and step up spot and futures sales to defend the band.

Reimposed controls and clampdowns on digital wallets widened the official to parallel spread above 10% and pushed the blue rate past ARS 1,500.

With roughly $10 billion of IMF related financing needed in H1 of 2026 and durable external support still unclear, the peso remains exposed to further depreciation as fiscal and political risks continue to sap reserves.



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