and as a hurricane in the Gulf of Mexico kept investors on edge. Oil prices rallied after industry data showed a large draw in crude inventories in the U.S.
Mexico's peso gained 0.1% against the dollar, while Colombia's peso added 0.2% as higher crude prices supported the currencies of the oil exporters. Mining exports from Argentina totaled 2,321 million dollars in the first seven months of the year and reached the highest level since 2012. The South American nation's agriculture secretariat said on Tuesday that grain exporters can keep 25% of the foreign currency they generate in September to import soybeans, aiming to address scarcity by easing strict domestic currency controls. The Argentine peso rose to 730 per dollar. "This is putting pressure on the potential carry trade." Guatemalan President Alejandro Giammattei said on Tuesday the path was set for an "orderly and transparent transition" of power following the presidential election, after a new bid to suspend the winning party sowed fresh doubts. "The real has been under pressure today as the FGV IGP-M fell more than expected, suggesting that inflation pressures continue to head south in Brazil, which will allow the COPOM to continue cutting rates boldly in the near term," said Andres Abadia, chief Latin America economist at Pantheon Macroeconomics, referring to the monetary policy committee of Brazil's central bank. The IGP-M price index, which measures both producer and consumer prices, fell 0.14% in August, according to the Getulio Vargas Foundation (FGV), a think tank, compared to estimates of for a 0.15% rise. Brazil met expectations in its formal job creation for July, data showed, but the reading represented a 36.6% decline compared to the same period last year. The Brazilian real, however, shed 0.5% against the dollar. The MSCI's index for Latin American currencies added 0.2% as the dollar fell 0.5% after data showed slower-than-expected growth for the world's largest economy in the second quarter as well as a smaller increase in private U.S. dollar weakened after fresh economic data showed the economy was cooling and bolstered hopes the Federal Reserve would stop raising interest rates. dollar, the euro, the British pound and the Japanese yen.* Brazil meets job gain expectations, but drops year-on-year * Latam startups cut jobs, expect more IPOs in 2024 - report * Argentina loosens foreign currency controls for imports * Guatemala's president vows 'orderly' transition of power By Bansari Mayur Kamdar Aug 30 (Reuters) - Most Latin American currencies rose on Wednesday as the U.S. For decades, the most important base currencies of the world have been the U.S. On the currency market, there is a larger trade volume than on the credit or the stock market. Thus, there are worldwide more than 160 official currencies that can be traded on the currency market at constantly changing exchange rates. Today, almost every country has its own currency, with the exception of countries with a common currency (such as the Eurozone) or countries that have adopted a foreign currency (such as the euro in Kosovo). Minting of coins from precious metals was developed about 2500 years ago in ancient Greece paper money has existed for about 1000 years. In the beginning, different items were used as currency, including metals, pearls, shells or agricultural products. The functions that a currency took on (means of payment, value storage, unit of value) were essential to the development of an efficient economy with division of labor. (read more)Ĭurrencies have existed for several millennia they arose primarily as a replacement for the ineffective barter trade. Here, the currency calculator shows the opening and closing rate as well as the lowest and highest rates for the respective date. The result provided by the currency calculator is displayed in a clearly arranged table. This way, the Markets Insider currency calculator allows you to search for historical exchange rates. Additionally, you can also choose whether to calculate the result based on the current exchange rate or the exchange rate on a certain date. Once you select the base and target currencies from the list and enter the desired amount into the provided field, the currency calculator immediately gives you the result. In total, there are about 160 different currencies available on the currency calculator. With the currency calculator, you can quickly and easily convert amounts between any currencies. Do you deal in shares in different currencies? Do you like to travel? Do you like to shop on foreign online shops? The currency calculator of Markets Insider is the ideal tool for you.
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