Argentina's Central Bank Steps In to Halt Currency Decline
- Currency remains worst performer in emerging markets this year
- Central bank intervened last week for first time since float
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Argentina’s central bank stepped in to halt the slide in the peso for the second time since new authorities took over in December as a devaluation and floating of the currency has made it the worst performer in major emerging markets this year.
The peso weakened as much as 1.9 percent to 15.58 per dollar, before closing 0.3 percent stronger at 15.25, according to the MAE electronic trading platform in Buenos Aires. The currency has lost 16 percent of its value in 2016, the most of 24 emerging market nations and three times the move of the second-worst performer, the Mexican peso. The bank sold $119 million to prop up the peso in the currency market, according to an e-mailed statement.