April 26, 2018 / 3:40 PM / a year ago

Argentine peso weakens to all-time low 20.50 per U.S. dollar

BUENOS AIRES, April 26 (Reuters) - Argentina’s peso currency weakened 1.17 percent to an all-time low 20.50 per U.S. dollar on Thursday, despite a massive central bank intervention the previous day.

The central bank sold $1.472 billion on the local spot market on Wednesday, its largest intervention in currency markets in at least 15 years.

The bank has frequently intervened to prop up the peso in recent months as a weaker currency could spur inflation in a country that has long lived with double-digit increases in consumer prices. It has sold more than $4 billion since March. (Reporting by Walter Bianchi, writing by Hugh Bronstein Editing by Chizu Nomiyama)

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