The Argentine peso has fallen below the level it reached before the US Treasury began purchases earlier this month, in a sign that the Trump administration’s financial support is failing to halt the currency’s slide ahead of a crucial election for libertarian president Javier Milei.

The peso dropped almost 1 per cent in early trading on Monday to 1,476 against the dollar, touching a fresh record intraday low, before paring its losses. The level is close to the bottom of an exchange rate band adopted in April.

The slide has resumed despite three purchases of pesos by the US Treasury since October 9 — which Argentine economists estimate total roughly $400mn, although neither government has confirmed the figure — as well as the announcement of a $20bn currency swap line between the two countries.