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Argentine peso weakens on cenbank uncertainty
Reuters
February 09, 2010

BUENOS AIRES, Feb 9 (Reuters) - The Argentine peso closed near an eight-year low on Tuesday despite solid gains in most Latin American currencies, as concerns about a new central bank administration weighed on investor sentiment.

Volumes for the Argentine currency were very thin as investors worried newly-appointed Central Bank chief Mercedes Marco del Pont may favor a weaker peso to support exporters, traders said.

Marco del Pont, a former ruling-party deputy who led state bank Banco Nacion, has long backed state intervention in the economy and policies that promote industrial development.

The peso lost 0.19 percent to 3.9075 per U.S. dollar in informal trade between brokerages, while key Latin American currencies such as the Brazilian real and the Mexican peso posted gains of more than 1 percent.

Marco del Pont has vowed to maintain current monetary and exchange rate policies. She was named to replace former Central Bank chief Martin Redrado last week, after he was fired for opposing a government plan to use foreign reserves to pay debt.

(Reporting by Walter Bianchi, writing by Walter Brandimarte; Editing by Andrew Hay)

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