BRICS: What's Happening With The US Dollar & Argentina's Peso?
The new BRICS member Argentina’s local currency, the Peso , is facing heavy headwinds against the US dollar this month. The Peso experienced a historic plunge against the US dollar falling to an all-time low of 343. The Argentina government’s decision to devalue the currency by 18% raising the benchmark rate to 118% is among the reasons for the drastic depreciation of the Peso . The economic mismanagement, multiple defaults, US dollar scarcity, and debt led to the decline of the Argentine Peso . Also Read: Argentina to Decline BRICS Membership & Support US Dollar Source: Google On the heels of the election which saw Javier Milei being elected president, the Peso plunged 353.83 on Monday. The price marks a new low for the currency on the same day Milei won the election. The Peso could see a more notable downward trajectory unless the new president comes up with drastic changes to the economy. Also Read: Gold Prices Skyrocket 15 Points Before Fed Meeting B...