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 Argentine peso weakens to fresh low despite US intervention (US gave over 20 billion to bail out Argentina's peso)
10/21/25 11:27 AM
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Washington’s $400mn of support fails to halt currency’s slide ahead of the Latin American country’s midterm elections
The Argentine peso has fallen below the level it reached before the US Treasury began purchases earlier this month, in a sign the Trump administration’s financial support is failing to halt the currency’s slide ahead of a crucial election for libertarian President Javier Milei.
The peso dropped almost 1 per cent on Monday to close at 1,477 against the dollar, a new record low, near the bottom of an exchange rate band adopted in April.
The slide has resumed despite three purchases of pesos by the US Treasury since October 9 — which Argentine economists estimate total roughly $400mn, although neither government has confirmed the figure — as well as the announcement of a $20bn currency swap line between the two countries.
Argentina’s central bank confirmed the signing of the swap agreement on Monday. Terms of the deal were not disclosed.
https://www.ft.com/content/815ef487-0d0e-430c-b140-9bc39dbd1a53
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