May 15, 2018 / 1:38 PM / a year ago

Argentine peso opens stable after central bank currency offer

BUENOS AIRES, May 15 (Reuters) - Argentina’s peso currency opened stable at 25 per U.S. dollar on Tuesday morning after the country’s central bank offered to sell up to U.S. $5 billion in a bid to stop the peso’s slide, traders said.

Argentina requested a “high access stand-by arrangement” from the International Monetary Fund last week after the peso depreciated rapidly, prompting the central bank to start selling reserves and hike interest rates to 40 percent as it sought to contain one of the world’s highest inflation rates. (Reporting by Jorge Otaola, writing by Dave Sherwood)

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