Argentina Institutes 50% Tax on Internet Purchases; Emerging Market Contagion Spreads; Argentina, Venezuela, Turkey Roundup
Yesterday, Argentina devalued the Peso hoping to halt further declines in its currency reserves. Markets had seen this coming as charts of the Peso vs. the US dollar show.
Peso vs. US Dollar One Week
Peso vs. US Dollar One Month
Peso vs. US Dollar Five Years
In the past 12 hours the peso fell as low as 8.164 to the dollar but currently sits at 7.164. Using the current close of 7.164 as our reference, here is a summary.