Bloomberg reports that the central bank offered $100 million when the peso fell to 20.90/USD, according to the person.

The concerted sales is said to be up to $20 million so far.. but the peso keeps falling to 21 per USD - a new record low.

Note that the central bank declines to comment while the market is open; the central bank only reports its participation in the currency markets in a statement sent every night.

Bear in mind that this plunge in the peso follows a 300bps rate-hike last week!

Morgan Stanley analysts led by Fernando Sedano wrote in note:

"Both domestic and external factors are likely to test Argentine assets again, keeping volatility and risk premia high,"