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 fuelled expectations of another hefty intervention.
At 2:35 pm (1735 GMT) the peso traded at 8.3950 per dollar at the central bank-controlled official rate, compared with 13.820 on the black market.