The currency crisis unleashed by political and economic uncertainty manages to take a breather thanks to official intervention
By Marcos Phillip
28/04/2023 – 11,20hs
In the last round of April, the Dolar blue It is trading this Friday without changes at $467 in the caves of downtown Buenos Aires, after approaching $500 a few days ago. Meanwhile, financial dollars operate with falls, closely monitored by the Palacio de Hacienda.
Market sources pointed to iProfessional that after the strong rise in BCRA rates, “free dollars should calm down in the coming weeks”, however, they were measured when it came to confirming that another stress scenario will not be experienced in May “when the STEP is just around the corner”.
In the stock market, the Dollar Counted Settlement (CCL) trades at $457,36while the MEP is offered in $442,23.
In the foreign exchange market, the retail dollar trades at $229.12 average. In it wholesale marketthe US currency is located at $222,57with an increase of 57 cents in relation to the previous closing
The blue dollar reached an intraday record of $497 in April
What does the market think of the rate hike?
For Portfiolio Personal Inversiones, in terms of real interest rates, they indicated that that of retail terms is still negative, but much less than before, going from -13% to -4.5% annually (assuming expected inflation of 151.8% annualized or 8% monthly).
“The race of nominality is launched and The BCRA has no alternative but to validate higher rates to avoid an acceleration in the speed of money circulation. It will be key to follow the evolution of the race between the interest rate and the devaluation rate, since it ends up affecting the exchange market,” they specified.
In turn, From Grupo SBS they explained that see the increase “more linked to containing exchange rate pressures than inflationaryafter a week of high volatility in the prices of financial exchange rates”.
Finally, the financial analyst observed that a gap on the way to 150% has costs and raising the rate by 10 percentage points has costs. In this sense, he pointed out: “The issue is which cost is lower and that the rest of the policies are in the same direction. Contracting monetarily with rates and issuing for the treasury or the soybean dollar collide.”
How much is the blue dollar trading today?
The blue dollar is located in $467 for sale now $462 for purchase.
How financial dollars operate
In the stock market, the Dollar Counted Settlement (CCL) trades at $457,36while the MEP is offered in $442,23.
What is the official dollar price
The retail dollar is trading at $229.12 average.
On the wholesale market, the US coin is available for an average of $222.
Thus, the dollar with the 30% surcharge -contemplated in the COUNTRY tax-, marks an average of $297.85 per unit, and with the advance on account of the Income Tax of 35% on the purchase of foreign currency, to $378 .05.
Meanwhile, the dollar destined for tourism abroad -and which has a rate of 45%- is located at $400.96, while for purchases over 300 dollars -and which has an additional tax of 25%-, stands at $458.24.
The currency gap
Lastly, the exchange gap between the average retail dollar published by the BCRA and the different exchange rates is as follows:
- Blue: 103%
- CCL: 99%
- MEP: 92%
