The blue dollar closed this Monday at $383 in the sell and has lost $3 since last Friday’s close, when it hit a nominal record high of $386. blue was $3 under the Qatari dollar, the most expensive from the market and which applies to overseas expenses exceeding US $300 per month.
The parallel quote loose for the first time in the last 7 days and so far this year has already racked up a 10.7% increase, which doubles the inflation rate expected in January, close to 6%.
In the midst of shortage of currency supply and limited demand for pesos, catches up on exchange rate gap with wholesaler 105%, a level higher than the 100% recorded in December.
Financial dollars, on the other hand, showed little change: the MEP rose by $1 and closed at $353, while the cash with liquidity (CCL) fell by $1 peso and closed at $369. and 98%.
“Something in the financiers effort during the first part of the wheel but then with the intervention they turned it off a lot. Versions of interventions in blue have been circulating, which is probable, but I have not confirmed it,” said Andrés Reschini, analyst at F2 Soluciones.
Sergio Massa ordered the purchase of dollar bonds more than a week ago to contain the acceleration in financial dollars. Some of these stocks, such as the GD30, are used in the market to buy MEPs and CCLs.
The Central Bank raised the repo rate to banks and mutual funds and authorized financial institutions to take on stock exchange guarantees, a combination in which it seeks to absorb excess pesos.
For analysts, the lack of reserves and abundant liquidity after the increase in monetary issuance in December are some of the factors that have pushed alternative prices.
“The blue was slightly below the Qatari dollar, in a scenario that leaves no doubts and therefore maintains a slightly upward trend. The rest of the alternative dollars also moved with some fluctuations and they say, without being able to confirm it, that at the end of the there were interventions during the day,” said Gustavo Quintana, operator of PR Corredores de Cambio.
Today’s session brought a certain calm to the economic team, where it was felt lower pressures compared to last week, despite the “extreme vulnerability” scenario denounced by Together for Change over the weekend.
“A slightly louder bullfight was coming, it’s a little calmer,” they said in an official dispatch.
The wholesale dollar, meanwhile, closed at $186.56, just 0.5% higher than last Friday. This represents an increase of 5.3% per month, behind the up to 7.9% increase in financial dollars, and reflects that the BCRA closely monitors the official exchange rate to try to contain prices.
The scenario, likewise, remains complex. This Monday they were paid in SDRs about 700 million dollars to the IMF and another similar amount will be paid between Wednesday and Friday. On the other hand, the agri-food export complex had $120 million in revenue last week, the lowest weekly record for January.
Despite low business volume, BCRA closed the session with revenue of approximately $28 million, in what was the fourth consecutive day with a negative balance. Losses accumulated in the month are now home to just over $100 million, according to Quintana.
Country risk fell 1.2% to 1,805 basis points, while Argentine bonds traded mixed. Merval fell 3.3%, after falling 2.8% on Friday, for which it piled up 21.7% in January.
Source: Clarin
