Argentine peso slumps to new record low

Source: Xinhua | 2018-08-27

Argentina's peso plunged again on Friday, slipping 40 cents and landing at a record low of 31.47 to the U.S. dollar, according to the central bank.

The dollar was trading at 31.40 pesos for the general public and at 30.90 pesos for banks and other entities for large transactions.

The central bank tried to shore up the peso by intervening in the futures market, but was unsuccessful.

Analysts blamed the peso's slide on both internal and external factors, including the weakening currency in neighboring Brazil, Argentina's top trading partner.

Domestically, the peso fell after the news Thursday that economic activities had dropped by 6.7 percent compared to last year, according to the national statistics institute INDEC.

Additionally, investors have been roiled by an ongoing political scandal that high-level officials allegedly accepted corporate bribes in granting government contracts.