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Markets

Argentina peso ends year down more than 50 percent versus dollar

BUENOS AIRES: Argentina's peso strengthened 1.72 percent to 37.70 per US dollar on Friday as traders positioned themselv

Dec 28 2018

BUENOS AIRES: Argentina's peso strengthened 1.72 percent to 37.70 per US dollar on Friday as traders positioned themselves for the end of the year, leaving the local currency 50.53 percent weaker on the year.

Argentine financial markets will be closed on Monday and Tuesday for the New Year holiday.

With the economy in recession, the final months of 2018 were tough for average Argentines who saw their purchasing power eaten away by inflation, which is expected to finish the year at over 47 percent.

Copyright Reuters, 2018