Venezuela's currency hits new low in black market

Venezuela's bolivar is plummeting to new lows in the black market after Opec decided last week not to cut oil production quotas to halt the steep price decline. The bolívar has plunged by almost a quarter over the past week to 153.66 per dollar on Monday, according to DolarToday.com, a website that tracks Venezuela's various exchange rates. (See chart below) This compares to the official exchange rate of 6.3 bolivars and takes the Venezuelan currency's decline in the black market to 50 per cent in just the last month alone. To put the bolivar's precipitous slide in context - just a year ago, a greenback would fetch around 62 bolivares in the streets. The 100 bolivar note, the largest bill printed by the Venezuelan central bank, is now exchanging hands for a mere 65 US cents. More…