Buenos Aires — Argentinian President Mauricio Macri on Wednesday unveiled a package of welfare subsidies and lower taxes for workers to lessen the impact of an economic crisis just months before a re-election bid, but his announcement did not immediately halt the peso currency’s collapse.

Amid signs that Argentines are already cutting back on buying goods due to a currency crash this week, the peso briefly plunged 12.3% more on Wednesday to reach 61/$ after Macri announced the measures. It later recovered to be down 4.77%...