BUENOS AIRES, June 14 (Xinhua) -- Argentina's peso tumbled to a record low Thursday, dropping 1.70 pesos to close trading at 28.20 to the U.S. dollar on the retail market, according to the state-run Banco Nacion (National Bank).

While the currency accelerated a downward slide that began earlier this year, the Central Bank of Argentina (BCRA) refrained from selling dollars, as it has done in the past, to shore up its own currency.

A newly-acquired 50 billion U.S. dollars loan from the International Monetary Fund (IMF) bars the government from intervening in the exchange rate.

The interbank or wholesale exchange rate registered 27.70 pesos to the dollar, leading to an average rate of 28.43 pesos, a record low.

Since Argentinian President Mauricio Macri came to power, ending exchange controls in place during the administration of his predecessor Cristina Fernandez de Kirchner (2007-2015), the peso has devalued by 100 percent, say analysts.

In December 2015, the national currency traded at about 14 pesos to the dollar, meaning it has lost half its purchasing power. In 2018 alone, the peso has devalued by more than 48 percent.

Late Wednesday, the Finance Ministry moved to calm fears the peso was in freefall by announcing it will soon sell off as much as 7.5 billion U.S. dollars derived from the first disbursement of the IMF loan.