Argentine peso at fresh lows despite U.S. purchases

The Argentine peso reached fresh lows on Wednesday as political uncertainty failed to offset the impact of an an "unprecedented" billion-dollar support package from U.S. The currency reached its lowest level since the U.S. began purchasing it on Oct. 9, and has consistently fallen since then. The purchases are part of an effort from the U.S. to stabilize the Latin American country's depreciating currency ahead of Oct. 26 midterm elections faced by Argentina's President Javier Milei — an ally of U.S. president Donald Trump. ARS= 1M line U.S. dollar/Argentine peso spot rate The two countries also signed a $20 billion currency swap deal with Argentina's central bank, essentially exchanging stable U.S. dollars with volatile pesos. Since the intervention, the Argentine peso has fallen over 5% a