Argentina's Finance Ministry sold dollars on Friday to limit the peso's decline on the first day of new currency trading rules, according to a Bloomberg report published late Friday.
Traders estimate the Treasury sold between $150 million and $200 million on the first trading day of the year, which marked the debut of Argentina's new currency trading bands.
The peso weakened 1.4% to 1,475 per dollar on Friday.
Under the new framework announced in December, peso trading bands will now expand at the same rate as monthly inflation, instead of being capped at 1% per month.
Argentina faces an upcoming payment on its dollar bonds on January 9. Investors appear confident the South American country will honor these obligations, which include both principal and interest. Outstanding bonds maturing between 2030 and 2038 are trading above 75 cents on the dollar, according to data compiled by Bloomberg.