Argentina drought saps dollar reserves, pressuring FX crawling peg
By Walter Bianchi and Jorge Otaola BUENOS AIRES (Reuters) – Argentina’s slow-and-steady currency devaluation plan is coming under rising pressure as a historic drought pummels exports of cash crops soy and corn, draining the country’s reserves of dollars needed to prop up the embattled peso. The South American country controls its official peso-dollar exchange rate with regular currency interventions, but the cost of doing so is rising, with $1.2 billion […]