Argentine Central Bank Sold $261 Million In Forex Market
Reuters reported on Tuesday that Argentina’s central bank has sold $ 261 million to the foreign exchange market to keep its currency from plummeting. The Argentinean central bank has stepped in to intervene in the foreign exchange market to slow down the decline in peso value. The Argentine central bank has injected more than $ 15.6 billion to intervene in the foreign exchange market this year, according to official data, but it is not blocking the decline in the value of the peso.
The peso fell 0.58 percent on Tuesday to 39.80 per dollar.
The peso has lost more than 53 percent of its value against the greenback as investors grew concerned about Argentina’s ability to pay its debts and as higher U.S. interest rates siphoned investment off from emerging markets worldwide.