Kathmandu, Oct. 10 -- The United States directly bought Argentine pesos and sealed a $20 billion currency swap with Argentina's central bank, Treasury Secretary Scott Bessent said on Thursday, the Associated Press (AP) reported.

The move, considered rare, is meant to calm volatile markets in the cash-strapped South American nation. Bessent said Washington was "ready to take whatever exceptional measures" were necessary to restore market stability after four days of meetings with Argentine Economy Minister Luis Caputo in Washington, according to the AP.

Argentina's President Javier Milei, a staunch supporter of Donald Trump, thanked both Trump and Bessent for their backing, declaring that the two nations would pursue "a hemisphere of eco...