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Argentine peso hits all-time low 16.1 per U.S. dollar
December 12, 2016 / 2:01 PM / 10 months ago

Argentine peso hits all-time low 16.1 per U.S. dollar

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)

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