The media has been monitoring the dollar’s fluctuating activity with superlative attention, waiting for the day the exchange rate of one US dollar would surpass the AR $18 threshold. Today, that day has come.

The Central Bank (BCRA) claims the foreign currency is being sold at AR $17,95, on average, throughout banks around the city. The price is nine cents higher than it was yesterday, when banks finished their operations for the day. However, some banks such as Galicia and BBVA updated their prices this morning presenting an exchange rate of $18,05.

The exchange rate has reached a historical value, and the Argentine Peso is expected to continue depreciating against the dollar, as predicted by Infobae’s economists.

In July alone, the foreign currency jumped 6,3 percent so far.  Starting off at AR $16,88 and currently reaching its peak of $17,95. The rate is expected to continue rising during the day.

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On a similar note, the dollar Blue, Argentina’s under-the-table exchange rate, has reached new highs as well, marking its rate today at AR $18.42.

The current political climate in the country is one of the factors to blame for the currency’s excessive surge. Economist Amilcar Collante told press that the upcoming midterm elections “bring more noise to the type of change and the country’s risk, right at a time when the government needs dollars to finance the fiscal deficit”.