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Argentine official peso weakens for first time since devaluation
May 13, 2014 / 9:17 PM / 4 years ago

Argentine official peso weakens for first time since devaluation

BUENOS AIRES, May 13 (Reuters) - The official exchange rate of Argentina’s peso against the U.S. dollar weakened slightly over the past two days after holding steady since January’s sharp devaluation, in a sign the central bank is allowing the peso to inch downward.

The official peso closed on Tuesday at 8.0225 to the U.S. dollar in the local interbank market, after trading at around 8.0 since the roughly 20 percent devaluation in January.

Argentina’s central bank controls the official rate, dipping into dwindling reserves to keep the peso steady and to avoid fueling one of the world’s highest inflation rates. (Reporting by Walter Bianchi; Writing by Sarah Marsh; Editing by Peter Galloway)

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