Argentine Peso Is Worst in World Amid Intervention Speculation
- Bank purchased more than $409 million last week to weaken peso
- Four-day losing streak is currency’s longest in four months
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Argentina’s peso posted the world’s biggest losses as traders speculated that the central bank was intervening in the market to weaken the currency.
The peso tumbled 2.6 percent to 14.45 per dollar, posting its fourth consecutive daily loss and entering its longest losing streak since February, according to prices from the MAE electronic trading platform. Thursday’s loss brought this year’s decline to 9.3 percent, making the peso the worst performer among 24 emerging-market currencies.