Reuters is reporting that the Argentine peso has shrunk to its lowest level against the dollar in 5 1/2 years. The peso slid 2.39 percent to 3.315/3.320 per U.S. dollar, its lowest point since January 2003. The peso has slid 4.65% this year so far.
So, the American economy tanks and the dollar gets stronger. I don’t understand it, and this is exactly why I’m staying away from the stock and currency market. I am however, going to the ATM to withdraw some cash and take advantage of this rate.
UPDATE (10/08/08): Just checked it out at the ATM and I got $3.1965 pesos to one U.S. dollar.
UPDATE: Figured I’d post some of the recent rates I’ve been getting. I still get the best rate from my Schwab ATM card.
Schwab:
3/16/09: $3.645
11/4/08: $3.378
10/27/08: $3.254
10/24/08: $3.239
10/12/08: $3.222
9/30/08: $3.117
8/8/08: $3.044
(sorry for the big gap, but the exchange rate is much better now!)
4/20/10: $3.863
5/3/10: $3.873 (daily rate: $3.8855)
5/17/10: $3.891 (daily rate: $3.8965)
7/6/10: $3.928(daily rate: $3.933)
7/19/10: $3.929 (daily rate: $3.9325)
American Express (charges 2.7% foreign transaction fee):
10/26/08: $3.178
10/13/08: $3.156
7/23/10: $3.829 (daily rate: $3.932)
– Argentine peso sinks; stocks, bonds extend losses [Reuters]