In the midst of the currency run that the blue dollar experienced in recent days, and because of what yesterday had it on the verge of touching $500, this Wednesday it closed in the parallel market at 473 pesos, about $22 below Tuesday’s close.
It began in the morning with a downward trend with reference values of $485 for the buying point and $490 for the seller. By noon that value was not the same since it fell back to $482. Shortly after, it was already at $470 and before 1:00 p.m. the price was $465, which represents a drop of 30 pesos compared to yesterday’s close. But minutes later it was back to $475. Finally, after 4:00 p.m. at the end of trading hours, it stood at 473.
The skyrocketing of the last two days, which together reached $50, forced the Government to go out and control the price of the US currency in the informal market, which, although small, is the thermometer of the economy since it ends up being which can be accessed due to the stocks that exist on the officer.
The Central Bank sold US$49 million today and cut four consecutive rounds with a positive balance, after the launch of a new edition of the Export Increase Program (PIE), with a temporary differential exchange rate of $300 per dollar for the complex soybean and regional economies.
In this way, in April the monetary authority accumulates purchases for US$187 million.
“Operations postponed since last Friday fueled the demand for foreign currency and justified the negative balance of the BCRA,” explained Gustavo Quintana, an analyst at PR Corredores de Cambio.
Meanwhile, market specialists pointed out that the soybean dollar contributed 35 million dollars today.
Regarding the foreign exchange market, the retail dollar closed today at $228.43 average, with an increase of 75 cents compared to yesterday.
Official sources indicated that from the Palace of Finance the determination was made yesterday to intervene in financial dollars “to avoid speculative maneuvers.”
Although the maneuver “was limited within the framework of the IMF agreement,” the Ministry of Economy told the agency that “this was also under review because they have the obligation to maintain stability in the country.” Meanwhile, in the stock market segment, the cash dollar with settlement (CCL) fell 1.8%, to $471.20, while the MEP lost 1.4%, to $454.97, in the final leg of the round.
In the wholesale market, the US currency ended with an increase of 70 cents compared to the previous close, at an average of $221.57.
Thus, the dollar with the 30% surcharge -contemplated in the COUNTRY tax-, marked an average of $296.95 per unit, and with the advance on account of the Income Tax of 35% on the purchase of foreign currency, to $376. .91.
Meanwhile, the dollar destined for tourism abroad -and which has a rate of 45%- was located at $399.75, while for purchases over 300 dollars -and which has an additional tax of 25%-, located at $456.86.
The volume traded in the cash segment was US$516 million, in the futures sector of the Mercado Abierto Electrónico (MAE) operations were registered for US$95 million and in the Rofex futures market US$1,510 million.
WHY LOW?
Although they expect many bullish rounds -and some bearish ones- with strong volatility in the future, it should be noted that the currency traded on the parallel market stringed together ten straight rounds of rise, in what was called a “run” due to the rate of rise of free dollar. It must be remembered that on April 10 the ticket was offered at $391 and on Tuesday reached a record of $495, a jump of 100 pesos or 25.6 percent.
At the same time, the Government appealed for an intervention on the stock dollars outside the provisions of the agreement with the International Monetary Fund (IMF), given the political gesture of support that the organization itself gave when ratifying that there will be negotiations to reformat profound way the current program.
By lowering the prices of “cash with liquid” and the MEP with the operation of bonds in the secondary market, the prices of the free dollar are indirectly lowered, since these markets are communicated, to the point of arbitration operations when there is a wide disparity among them.
