The good news in the foreign exchange market is that, after a start to the month with high selling, the Central Bank stopped losing dollars as of Friday due to its intervention in the wholesale segment. The bad news: He was only able to buy $1 million this Wednesday, which adds up to $13 million in buys and maintains a $231 red since only the beginning of May.
Meanwhile, in the parallel market, the stability of the last few days seems to be severely tested: after the raids on the banks of the City on Tuesday, the blue dollar made another small leap and closed with an increase of 1 dollar at 472 dollars. The free dollar remains, after touching $500, more than $7 below the so-called “Qatar dollar”.
Two weeks after the “dollar soy 3” program closed to little effect, settlements by agro-exporters rebounded on Wednesday to $97.16 million. “The BCRA finished the day with $1 million in purchases, in a session with higher import demand and with $40 million in energy import payments,” PR Corredores de Cambio’s Gustavo Quintana said at the end of session.
In PPI they underlined that this “positive balance” achieved by the Central Bank in recent days is due to a drop in demand for dollars rather than a show of strength by the organisation. “It’s hard to imagine that a demand crackdown of this magnitude would be maintained that would allow the BCRA to continue to be neutral, so that sales can return at any time,” they warned.
For his part, the economist Gustavo Ber underlined: “The slowness and irregularity of the ¨agrodollar¨ continues to accentuate the concerns of operators with respect to the declining dynamics of net reserves, which for now do not translate into sufficiently regulated financial dollars. from the interventions supported”.
In this scenario, the “screen” dollars closed with mixed results, even if both the cash with liquidation and the MEP dollar operate at a lower price than at the end of April, when the CNV launched two new changes to the exchange rate. The CCL, the way companies use to become dollarized, fell 0.5% and closed at $451.06; while the MEP, or stock market, advanced 0.4% and closed a few cents above $432.
“Implicit unregulated references also showed a contained ‘gap’ from the contagion effect, but from the higher monetary issuance, lower supply of foreign exchange and the scenario of heightened electoral tensions in the third quarter, the hedging process should gradually take more come on,” anticipated Ber.
Source: Clarin
