The North American currency experienced an incredible rise throughout the last Tuesday and reached an all-time high of $497 per unit, to finally close the day at $495. This Wednesday, however, the foreign exchange market woke up much calmer and the dollar registered a strong decline, for which it is already sold at $480.
On Tuesday the exchange wheel opened with a dollar at $462, but after noon it had reached a new peak and at the close of operations it finally closed at $495 per unit, with an increase of $33 in just one day.
The currency has experienced extremely high volatility so far in April. Minute by minute it varies amid high inflation rates, electoral decisions and negotiations with the International Monetary Fund (IMF). In that framework, The currency fell sharply this Wednesday and by 10 o’clock it was trading $5 less than at the close of the previous day and by noon, meanwhile, it is now sold at $480, $15 less than at the opening.
On Tuesday, the president Alberto Fernandez ratified at a press conference Miguel Angel Pesce in front of the Central Bank of the Argentine Republic (BCRA) and the Minister of Economy Sergio Massa He referred through his social networks to the escalation of the dollar. The Argentine official maintained that we are experiencing “an atypical situation of rumors” and anticipated that the Government will promote investigations into “some behaviors” for money laundering.
For several days we have been experiencing an atypical situation of rumors, versions, false reports and their consequent impact on financial instruments linked to the dollar.
— Sergio Massa (@SergioMassa) April 25, 2023
We are going to use all the tools of the State to order this situation and in this sense we notified the IMF of the restrictions that weighed on Argentina and we are going to change in the rediscussion of the Program.
— Sergio Massa (@SergioMassa) April 25, 2023
In addition, we are going to use the economic Criminal Justice as a vehicle for investigation and clarification of some behaviors and the UIF and the CNV for the analysis of operations related to money laundering.
— Sergio Massa (@SergioMassa) April 25, 2023
At the same time, we are going to continue with the multilateral agreements, exporters with the transformation of exports into yuan and the disbursement agreement with the IMF to strengthen the reserves that were affected by the impact of the drought.
— Sergio Massa (@SergioMassa) April 25, 2023
With the current $480 per dollar, for his part, the exchange gap with the official price of the currency fell to 110%being that on the blackboards of the Banco de la Nación Argentina (BNA) the US currency without taxes is listed at $227 for sale.
