Peso Slumps Despite US Intervention
The Argentine peso's decline accelerated on Friday, despite the US announcing its continued purchase of the currency.
US Treasury Secretary Scott Bessent stated that the US bought the peso on Thursday on the parallel exchange rate, known as the "blue chip swap." However, this announcement did little to bolster the currency.
The US$20-billion rescue may not be able to prevent another painful devaluation under President Javier Milei.
The peso tumbled as much as 5.2 percent to 1,475 pesos to the US dollar, just five pesos off its record low.
Author's summary: Peso declines despite US intervention.