Argentina's peso continued to slide Tuesday to trade at 30.55 against the U.S. dollar.
Argentina's central bank did not participate in the day's bidding, after it intervened in the market three times last Wednesday, in an effort to shore up the peso's slide against the bullish dollar.
Despite the central bank's sale of 781 million U.S. dollars in reserves, the peso continued to devalue.
To stabilize the peso, Argentina hiked the benchmark interest rate to a record-high of 45 percent, now the highest in any country in the world, and issued debt in local currency to defend the peso.
The peso's value has depreciated almost 40 percent so far this year, while accumulated inflation has hit 19.6 percent, the National Statistics and Census Institute reported.
Argentina's central bank did not participate in the day's bidding, after it intervened in the market three times last Wednesday, in an effort to shore up the peso's slide against the bullish dollar.
Despite the central bank's sale of 781 million U.S. dollars in reserves, the peso continued to devalue.
To stabilize the peso, Argentina hiked the benchmark interest rate to a record-high of 45 percent, now the highest in any country in the world, and issued debt in local currency to defend the peso.
The peso's value has depreciated almost 40 percent so far this year, while accumulated inflation has hit 19.6 percent, the National Statistics and Census Institute reported.
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