Argentina's Central Bank Intervenes to Support Peso

Argentina's central bank intervened by selling $45.5 million from its reserves to support the peso, maintaining it within a managed floating band. The exchange rate was kept between 938.33 and 1,491.07 pesos per dollar. Post-intervention, the reserves totaled $40.539 billion.

In an effort to stabilize the local currency, Argentina's central bank sold $45.5 million from its reserves on Tuesday. This strategic move came as the peso reached the upper threshold of the bank's floating exchange rate band.

Since April, the central bank has actively managed the peso's value, allowing it to fluctuate within a specified range. On Tuesday, this range was established at 938.33 pesos for buying and 1,491.07 pesos for selling per dollar.

Following the intervention, Argentina's central bank reported its international reserves standing at $40.539 billion, underscoring the ongoing efforts to maintain economic stability.