DEFINITION of 'ARS (Argentinian Nuevo peso)'
The currency abbreviation, or currency symbol, for the Argentinian Nuevo peso (ARS), the currency for Argentina. The Argentinian Nuevo peso is made up of 100 centavos and is often presented with the symbol "$," or sometimes "N$". The Argentinian Nuevo peso uses the same currency symbol as the U.S. so to avoid confusion Argentinians use US$ or U$A when referring to the U.S. dollar.
BREAKING DOWN 'ARS (Argentinian Nuevo peso)'
The Argentinian Nuevo peso was first seen in 1992 when it replaced the austral at a conversion of 1 peso to 10,000 australes. Other names for the currency include peso convertible, and nuevo peso convertible. The Argentinian Nuevo peso was pegged to the U.S. dollar at 1 peso to one dollar form 1992 to 2001. In 2002 the peso floated and devalued about 75% which helped increase competitiveness in exports.