The respite that President Javier Milei brought to Argentina’s parallel exchange rate has proved all too short as the peso slides to fresh lows in the unofficial market used to skirt capital controls.

The currency has plunged by about a third against the dollar this year, reaching over 1250 per dollar, and is now trading at over 50% less than the peso on the official market, up from a low of 11% on Dec. 27.