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The Argentine central bank has used $ 50 million of its reserves, for the first time since September, to intervene in the foreign exchange market and defend the local currency (peso) against a wave of sales, said traders.
The poor results of President Mauricio Macri in the primaries Sunday led to a 30% fall of the peso on Monday, which made Wall Street fear that the central bank could reduce its reserves with significant sales in dollars.
On the other hand, the cost of insurance of Argentina's sovereign debt against default risk jumped 938 basis points, investors worrying about the South American country's ability to repay his debt after the defeat of Macri in the primaries.
Interbank interest rates climbed to between 90% and 120%, compared to an average 61% on Friday, traders said.
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