August 26, 2014 / 4:00 PM / 3 years ago

Argentine black-market peso falls to new low despite rate rise

BUENOS AIRES, Aug 26 (Reuters) - Argentina’s peso fell on Tuesday to a new record low of 14.05 per dollar on the black market despite a decision this week by the central bank to hike interest rates to ease pressure on the currency, traders said.

Foreign exchange controls force most Argentines to buy dollars on the black market, wich is widely seen as a truer rate of exchange than the official rate. The official rate edged fractionally lower on Tuesday to 8.405 to the greenback. (Reporting by Jorge Otaola; Writing by Sarah Marsh; Editing by Richard Lough and Chizu Nomiyama)

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