BUENOS AIRES, Dec 12 (Reuters) - Argentina’s peso currency weakened 0.62 percent to an all-time low of 16.1 per U.S. dollar on Monday as residents of the South American country sought dollars ahead of year-end holiday vacations, local foreign exchange brokers said.
President Mauricio Macri took office a year ago after winning office on a free-markets platform. He allowed the peso to float on the foreign exchange market, scrapping years of currency and trade controls that had scared off investors.
Macri promised a wave of foreign direct investment would enter Argentina during 2016. But it remains low with the economy stuck in a recession and household purchasing power slammed by annual inflation expected by economists to end the year at 40 percent. (Reporting by Walter Bianchi Editing by W Simon)