After yesterday's jump, the dollar continued rising today and forced the Central Bank to intervene in the futures market to delimit rises. However, the retail exchange rate rose 38 cents to $ 43.78 in the average city of Buenos Aires and the wholesaler rose 26 cents to $ 42.66.
With a dollar more weakness on a global scale but with no major impact on emerging ones, weight was today also the most despised currency in the region. Thus, the currency accumulated in two wheels an increase of 2.7% in the Plaza de Buenos Aires.
"The buyers trend was maintained yesterday, with an active demand that pushed a new advance in dollar prices," he said Gustavo Quintana, Operator of PR Change Corridors.
The increase would have been greater if it were not for the intervention of the BCRA. "Official activity in the futures markets eased the upward curve of the exchange rate in the wholesale segment, narrowing the second consecutive bid", added Quintana. This is a reloaded weapon of the monetary authority, after the IMF endorsed an expansion of the sales limit for positions in futures of $ 1,000 million to $ 3,600 million yesterday, which adds to the possibility of selling reservations directly in the exchange rate.
Again, the volume of operations returned slightly (US $ 677 million was agreed), which ratified the decline in the offer registered yesterday. It is that agricultural settlements begin to decline with the end of the harvest and some funds that they entered to carry carry trade are withdrawn in the proximity of the elections that augments greater volatility.
We also weighed the movements in front of the placement of letters made by the Treasury. In this way, Fernando Izzo, Of ABC Mercado de Cambias, said: "The market continued with the same tone of coverage for changes in portfolios, both in pesos and dollars, for investments in letes or Lecap."
In this context, the BCRA further slowed down the rate. Today, the yield of the Liquidity Letters (Leliq) yielded just 3 basic points and stood at 58.8%, eight tenths of the installment for July.
how did you publish BAE BusinessesAnalysts and operators argue that proximity to the PAS and the withdrawal of the offer opens up an outlook of greater tension for the coming weeks that the Central will have to face all the weapons that it has by hand.