After two wheels without financial activity for holidays, the dollar in the square wholesaler a controlled 0.4% or 30 cents was appreciated, to a new historical maximum of 71,24 pesos, with liquidity regulation from the Central Bank.
This nominal increase in the official exchange rate, backed by a selling stance by the monetary authority at the start of the interbank round, was the widest since the past. November 11th, when it rose about 45 cents a day, shortly after the presidential election.
The North American currency in the formal market adds an increase of 19% in the course of 2020.
This daily movement of the currency is not necessarily an acceleration of the devaluation of the peso, cushioned by the iron restrictions that weigh on the local exchange market. As usual in the last months, the Central Bank lets the exchange rate run on Mondays after the “long” holidays, because there is normally financial operations abroad when there is a recess in the Argentine market.
The amount operated in the spot segment reached 211.3 million of dollars.
Gustavo Quintana, PR Corredores de Cambio agent, affirmed that “the US currency operated with an offered tone, allowing the BCRA to finish the wheel with a balance in favor of its intervention.” He added that “private market sources estimated that the monetary authority had a positive balance of about USD 40 million, approximately”.
The gap between the price of the blue dollar and the wholesale exchange rate narrowed to 78%
Last week, the Central Bank ordered through Communication A7068 authorization to access the Single and Free Exchange Market (MULC) for the payment of commercial debts abroad for up to 1 million dollars. Likewise, the limit for the payment of medical and sanitary supplies will be 2 million dollars.
The dollar to the public averaged in e-commerce from banks to $97,30 for sale, with a surcharge of 30% for the application of a “solidarity” tax.
“As long as the quarantine is maintained, the inflation pressure will remain relatively low as we have been seeing it in recent months,” he said. Investments Personal Portfolio in a report.
“With the speed of circulation very low for the reasons explained above, the challenge will come when quarantine is relaxed and our punished economy returns to normal levels. The speed of circulation will increase again and with the strong increase in the monetary base, issuance and inflation expectations, we will surely have increasing inflation and above 2% monthly back, “he added.
In the marginal exchange place, the blue dollar rebounded from bearish start, after knowing that banks started blocking accounts in which the purchase of the quota of USD 200 per month from third parties was detected, and also operations with cryptocurrencies to skip the exchange obstacles.
Thus, the blue currency closed for the fifth wheel in a row at 127 pesos for sale, while the so-called cash settlement, which serves to obtain dollars through businesses with assets, stood at 110 pesos.
“Despite the increased appetite for assets, and also betting on instruments in pesos, the financial dollars threaten with a rearrangement bullish although still in a more calm stage, due to the greater demand for money due to quarantine and the increasing exchange rate controls, “he said. Gustavo Ber, economist at Estudio Ber.
“Stock market dollars rose for the second consecutive week, although the gaps remained relatively stable after the peak observed in mid-May of close to 90%,” they observed from Research for Traders.
The BCRA’s international reserves increased by USD 7 million on Wednesday and reached 43.247 million dollars.
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