September 26, 2018 / 1:53 PM / a year ago

Argentine peso weakens as investors await IMF deal

BUENOS AIRES, Sept 26 (Reuters) - Argentina’s peso opened weaker on Wednesday as investors awaited details of a revised lending agreement with the International Monetary Fund (IMF) and indication of whether the central bank will intervene less to support the currency.

The peso slipped 0.26 percent in thin early trade to 38.60 to the dollar as investors waited for hints of the direction of monetary policy under new Central Bank governor Guido Sanderlis, who was appointed on Tuesday after his predecessor unexpectedly resigned.

“Traders are waiting to see if the new head of the central bank will continue with market interventions or adopt a freer flotation, more in line with the vision of the IMF,” said Gustavo Ber of consultancy Estudio Ber.

Economy Minister Nicolas Dujovne said on Tuesday in New York, where he is attending the United Nations General Assembly, that details of the revised IMF deal were being finalised and should be announced on Wednesday. (Reporting by Jorge Otaola and Walter Bianchi Writing by Scott Squires Editing by Daniel Flynn)

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