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Argentina’s Black Market Peso Rate Tops 1,000 Per Dollar - BNN Bloomberg

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Argentina’s black market exchange rate hit a record 1,040 pesos per dollar Tuesday, continuing a sharp selloff as Argentines rush to buy greenbacks before the Oct. 22 presidential election.

The rate, known locally as the “dollar blue,” was near half that level as recently as July, highlighting the panic that’s gripping markets and population at large as inflation surges above 120% while frontrunner Javier Milei advocates replacing the peso with the US dollar as the nation’s currency.

“It’s evident there’s just four guys operating illegally to create fear and uncertainty about people’s savings,” Setti posted on the platform X, formerly known as Twitter.

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