BUENOS AIRES, Oct 8 (Reuters) - Persistent exchange rate

pressures continued to weigh on Argentina's financial markets on

Wednesday, straining the Treasury as proceeds from a special

liquidation deal with agricultural exporters dwindle.

Traders estimate the Treasury, under the Ministry of

Economy, has sold more than $1.6 billion in the past six trading

sessions to support the weakening peso. The ministry does not

publicly report its market operations.

"This figure becomes even more significant considering that

there are still many trading sessions until the (midterm)

elections this month," said Wise Capital.

"In just four trading days, following the near-complete

withdrawal of agricultural exporters, the Treasury has already

lost $1.35 billion-over 60% of the $2.23 billion raised under

the zero-withholding tax scheme," it added.

Midterm elections on October. 26 are seen as a key test for

President Javier Milei, who is navigating the second half of his

term with limited congressional support.

In a bid to calm markets and ease pressure on the peso,

Economy Minister Luis Caputo is in the United States outlining

U.S. support that could include a $20 billion currency swap

deal.

International dollar bonds were also falling as traders

awaited details of the U.S. support.

"After the elections, it's likely a new framework will be

introduced with a freer exchange rate and lower real interest

rates, supporting reserve accumulation and more sustainable

Treasury debt rollovers," said Roberto Geretto, an economist at

AdCap.

The wholesale peso opened steady at 1,430 per dollar

, supported by block currency sales aimed at capping

volatility. The peso is hovering near the upper limit of its

floating band, a breach of which would require the central bank

(BCRA) to intervene by selling foreign reserves.

"Traders are closely watching Treasury operations and

estimating how much room is left before the BCRA must step in

again around the 1,480 peso mark," said economist Gustavo Ber.

"With markets awaiting updates from Washington, consensus is

building that current policies are designed to hold the line

until the vote, after which a more flexible exchange rate regime

may emerge, depending on the outcome and potential U.S.

financial support," Ber added.

In the asset market, selling persisted amid continued

portfolio adjustments, traders said.

The S&P Merval stock index edged lower, while

sovereign bonds fell around 0.5% in early trading.