September 6, 2018 / 1:47 PM / 2 months ago

Argentine peso rebounds after weaker open, govt optimistic on IMF deal

BUENOS AIRES, Sept 6 (Reuters) - Argentina’s peso gained more than 1.5 percent to about 37.9 per dollar in morning trade on Thursday as government officials continued talks with the International Monetary Fund aimed at securing a new deal to shore up investor trust.

Late on Wednesday, Argentina’s economy minister voiced “enormous confidence” about clinching a new deal with the IMF to secure early disbursements from a $50 billion standby loan agreement in June, which had failed to ease concerns about the country’s ability to pay its debt.

Traders said Thursday that they expected the central bank to intervene in the local spot market again, after it surprised the market by selling $100 million in an auction on Wednesday even as the peso started gaining against the dollar.

The peso closed 1.4 percent higher on Wednesday but has weakened about 50 percent so far this year.

Argentina expects a new deal with the IMF this month. (Reporting By Jorge Otaola Editing by Chizu Nomiyama)

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