August 24, 2018 / 6:53 PM / a month ago

UPDATE 1-Argentina peso closes at all-time low 30.92 per U.S. dollar

(Adds peso close, context, stock market fall)

BUENOS AIRES, Aug 24 (Reuters) - Argentina's peso currency fell 1.42 percent to a record low close of 30.92 per dollar on Friday, weighed down by an economy slipping into recession, high inflation and uncertainty driven by corruption investigations.

Earlier in the day the peso touched a record intraday of low 31 to the greenback as the local Merval stock index fell 3.9 percent. The peso has lost 39.68 percent of its value against the dollar so far in 2018, making it one of the world's worst-performing currencies this year.

Other Latin American currencies jumped on Friday after Federal Reserve Chairman Jerome Powell expressed no surprises in a closely watched speech, suggesting a slow-and-steady pace for U.S. interest rate hikes is still in order.

But confidence in Argentina has been shaken by a corruption scandal in the construction sector that analysts expect will damage an economy already hit by 31 percent inflation and a drought that crippled harvesting of soy, the country's main cash crop. (Reporting by Jorge Otaola and Walter Bianchi Writing by Luc Cohen Editing by Phil Berlowitz)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below