The currency, one of the strongest against the dollar over the course of the year, which has appreciated 6.8%, ended the week with a cumulative decline of 4.35%, its worst performance since November 2021.
During the session it weakened to 18.4820 units, a level not seen since March 24. The peso reversed its initial losses due to a change in the dollar’s trend, which analysts and operators attributed to a market correction.
“Despite the appreciation observed in the session, technical indicators suggest that the exchange rate is entering an upward trend,” said local firm Banco Base, in an analysis note.
“Currently, it is trading in a channel between 18.00 and 18.30 per dollar. However, if it sustainably breaks the level of 18.30 pesos, it could head towards the psychological level of 19.00 per dollar,” he added.
With information from Reuters.