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Reuters is reporting that the Argentine peso has shrunk to its lowest level against the dollar in 5 1/2 years.  The peso slid 2.39 percent to 3.315/3.320 per U.S. dollar, its lowest point since January 2003. The peso has slid 4.65% this year so far.

So, the American economy tanks and the dollar gets stronger. I don’t understand it, and this is exactly why I’m staying away from the stock and currency market.  I am however, going to the ATM to withdraw some cash and take advantage of this rate.

UPDATE (10/08/08): Just checked it out at the ATM and I got $3.1965 pesos to one U.S. dollar.

UPDATE: Figured I’d post some of the recent rates we’ve been getting. We still get the best rate from our Schwab ATM card.

Schwab:11/4/08: $3.378; 10/27/08: $3.254; 10/24/08: $3.239; 10/12/08: $3.222; 9/30/08: $3.117; 8/8/08: $3.044.
American Express: 10/26/08: $3.178; 10/13/08: $3.156.

- Argentine peso sinks; stocks, bonds extend losses [Reuters]

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