BUENOS AIRES, June 29 (Xinhua) -- Argentina's national currency continued its downward slide on Friday, closing the month of June at an average record low rate of 29.75 pesos to the U.S. dollar, according to the Central Bank of Argentina (BCRA).
Banco de la Nacion, the national bank, which generally employs the lowest exchange rates, posted a retail rate of 29.40 pesos to the dollar, a peso higher than the day before.
The wholesale rate, which applies to companies, banks and other entities handling large sums, was set at 28.85 pesos to the dollar, 75 cents more than Thursday.
According to local media, the central bank placed 450 million U.S. dollars at the disposal of the exchange market, 300 million more than originally planned, in an attempt to shore up the peso.
Argentina's finance ministry authorized the BCRA to increase the supply of dollars on the market, depending on exchange rate fluctuations.
Removing exchange rate controls is one of the economic reforms spearheaded by the government of Argentine President Mauricio Macri. He recently resorted to securing a 50-billion-dollar loan from the International Monetary Fund in a bid to beef up public finances, though the move has failed to bolster confidence in the national currency.
