Sunday, 21 October 2018

Argentine central bank says sells $261mn in forex market


BUENOS AIRES: Argentina’s central bank sold $261 million in reserves on Tuesday, the monetary authority said in a statement announcing its latest intervention in the foreign exchange market aimed at easing the fall of the local currency.

The peso fell 0.58 percent on Tuesday to 39.80 per dollar.

The central bank has spent more than $15.6 billion this year in interventions aimed at bolstering the currency, according to official data.

The peso has nonetheless 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 US interest rates siphoned investment off from emerging markets worldwide.

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