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UPDATE 3-Argentine peso falls again, central bank sells $115 mln

(Adds second central bank dollar auction, updates market levels)

BUENOS AIRES, Aug 28 (Reuters) - Argentina's peso currency traded 4.09% weaker at 58.7 per U.S. dollar on Wednesday while the central bank sold $115 million of its reserves in two interventions aimed at controlling the peso's fall.

Worries about Argentina's ability to meet its dollar-denominated debt obligations have increased since the peso got trounced by political uncertainty after an Aug. 11 primary election. The peso has lost 22.78% of its value against the U.S. dollar since Aug. 12.

The central bank issued a press release saying it would limit financing in pesos for major exporters, a move aimed at strengthening the local currency by encouraging companies to sell dollars in order to obtain pesos needed to fund operations.

Country risk rose 136 basis points to 2,126, its highest level in 14 years, according to the JP Morgan Emerging Markets Bond Index Plus.

Argentina's central bank sold $50 million of its reserves in its first dollar auction of the day at an average 58.833 pesos per dollar, as part of its effort to control the peso's fall.

Minutes later the bank sold $65 million more of its reserves at an average 58.7269 pesos per dollar, traders said.

On Tuesday, the bank exceeded for the first time a guideline on reserve sales agreed as part of its $57 billion standby agreement with the International Monetary Fund, selling $302 million in the foreign exchange market.

The agreement with the IMF limits Argentina's central bank to $250 million in reserve sales daily, set when the exchange rate was above 51.5 pesos per dollar, with the option to intervene further to "counteract episodes of excessive volatility." (Reporting by Hugh Bronstein, Jorge Otaola, Hernan Nessi and Gabriel Burin Editing by Steve Orlofsky and Alistair Bell)