Argentina Central Bank Sells $379 Million in FX Market to Defend Peso

Argentina’s central bank forcefully stepped up its defense of the peso on Thursday as the country’s assets posted some of the worst losses in the world, adding to the growing pressure on President Javier Milei’s government.

The nation’s central bank had to intervene in the foreign exchange market for a second straight day, selling a significantly higher amount of dollars to keep the peso within the limit of the trading band agreed with the International Monetary Fund. Authorities sold $379 million on Thursday, according to a statement, compared to $53 million the day before.