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Peso Reaches 1.476 Per Dollar Amid Strong Electoral Pressure and Economic Uncertainty
The Argentine peso hit a new minimum this Monday, October 20, 2025, despite the financial efforts made by the United States since October 9.
Even after US$ 400 million in contributions from the US Treasury, the currency fell again and recorded its worst performance since the beginning of the year.
At 1:55 PM (Brasília time), the exchange rate was at 1,468.03 pesos per dollar, according to information from Revista Exame, published at 1:58 PM the same day.
Intervention and Swap Agreement with the United States
The Central Bank of Argentina confirmed, in October 2025, the formalization of a currency swap agreement with the US, valued at up to US$ 20 billion.
The measure, according to the monetary authority, is part of an effort to contain the currency crisis and stabilize the currency amid strong inflationary and electoral pressure.
Still, the exchange rate broke the lower limit of the currency band adopted since April, reaching 1.476 pesos per dollar. This represents the worst rate since the beginning of the US intervention.
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Electoral Pressure and Investor Distrust
Even with support led by US Treasury Secretary Scott Bessent, the Argentine market remains tense. Local investors continue migrating to the dollar in search of protection.
This movement reflects the fear of a possible defeat of President Javier Milei in the legislative elections on October 26.
Moreover, political and economic instability has increased demand for foreign currency.
As a result, the devaluation of the peso has deepened, even after containment measures.
Falling Reserves and Risk of Official Devaluation
According to the Argentine consultancy Romano Group, the net reserves of the Central Bank in hard currency have fallen below US$ 5 billion. This scenario increases fears of a new official devaluation after the election, as reported by the British newspaper Financial Times.
Analysts highlight that, while the government tries to bolster reserves with external support, the market continues to pressure the exchange rate.
The strong political uncertainty and the search for currency protection intensify the currency’s volatility.
Currency Crisis and Outlook
Therefore, even with injections of dollars and international agreements, the Argentine peso remains weakened.
The situation reflects investor distrust and the worsening of the economic crisis.
The measures taken so far have not been sufficient to contain the exchange rate escalation, reinforcing the scenario of instability before the elections on October 26.
As a result, the Argentine government faces the challenge of balancing external support and internal confidence.
The country is experiencing a moment where politics and economics are critically intertwined.
Ou seja: é o MEDO da volta da esquerda ao Poder que tem levado a uma corrida ao dólar. Os argentinos querem proteger o seu patrimônio e, para isso, preferem a moeda norte-americana ao invés do peso argentino, que não para de perder valor. Por isso a crise cambial.