in full Nuestra Señora de la Asunción
City (pop., 2002 prelim.: 513,339), capital of Paraguay.
It lies on the Paraguay River near its confluence with the Pilcomayo River . Founded in 1537 by Spanish conquistador es, it replaced Buenos Aires as the headquarters of Spanish colonial activities in eastern South America during the period of the latter's depopulation (1541–80). In 1731 Asunción was the site of one of the first major rebellions against Spanish rule. The city declared independence from both Spain and Argentina in 1811. Today it dominates social, cultural, and economic trends in Paraguay.