Argentina rules out another devaluation of peso

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BUENOS AIRES (Reuters) – The Argentine government on Thursday ruled out a second sharp devaluation of the peso this year, rebuffing calls for a weaker currency from employers who say runaway inflation is hurting trade competitiveness. President Cristina Fernandez’s government implemented a shock 20 percent devaluation of the peso in January. The widening gulf between the official rate and the black market rate since Latin America’s third-biggest economy defaulted on its debt have fueled expectations of another hefty intervention. At 2:35 p.m (1335 GMT) the peso traded at 8. …

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