May 16, 2018 / 1:18 PM / 2 months ago

Argentina peso opens weaker at 24.50 per dollar

BUENOS AIRES, May 16 (Reuters) - Argentina’s peso currency opened 1.63 percent weaker on Wednesday at 24.50 per U.S. dollar, traders said, despite an offer by the central bank to sell up to $5 billion on the spot market.

Argentina requested a “high access stand-by arrangement” from the International Monetary Fund last week after the peso depreciated rapidly, prompting the central bank to sell reserves and hike interest rates to 40 percent in a bid to stop the peso’s slide and contain one of the world’s highest inflation rates.

The peso snapped a nearly two-week losing streak on Tuesday, closing 3.73 percent stronger after the bank sold $791 million on the spot market. It has already sold billions of dollars of reserves in previous interventions. (Reporting by Jorge Otaola; Writing by Dave Sherwood Editing by Jeffrey Benkoe)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below