The blue dollar closed at $ 293 and cash with liqui is already the most expensive of the alternative dollars

Alternative dollars moved higher on the exchange wheel this Thursday. The blue dollar rose a peso and ended $ 293while the countryside rises with liqui, the dollar used by companies $ 294 and it has become the most expensive on the market.

So far this week, the exchange gap between the blue and the wholesale dollar, which is trading at $ 142was reduced to 106%.

The contact with liqui, the chosen way to withdraw foreign currency from the country, increased during the day by 3.5%, which led him to $ 294. It has so far increased by 2% in August and increased by 45% over the year, below inflation it would be 53% in the first eight months of the year if the forecasts come true, the August index will be around 6%.

The MEP dollar, which is listed on the Buenos Aires stock exchange, rose 2.3% and closed $ 287.3. “After showing bearish in several rounds in a row, financial dollars recovered some of the buyer flow and ended the day up,” Cohen said.

The rebound of the financial dollars has been going on for two days in a row. Hits the jump in cash with liqui, expected to fall after the rate hike ordered last week by the Central Bank, which brought the market benchmark rate from 60% to 69.5%.

Improved yields on pesos placements should ease the pressure on the foreign exchange market and reduce demand for alternative dollars.

“The sharp increase in the pass rate and Leliq this time it doesn’t help to lower the count with liqui. Unlike October 2020, when the passing rate increased, the gap has narrowed a lot. Something is not working well, perhaps inflation expectations and reserves are still so low, “said economist Miguel Kiguel.

Other purchases by the Central Bank

The Central Bank had another positive day and closed its participation in this round with purchases of $ 20 million. In this way he has six consecutive rounds of signings and has therefore come close $ 150 million.

Although the trend is positive, especially after the $ 800 million which had to sell in the first ten days of the month to meet the demand of energy importers, the purchases are still insufficient to strengthen the net reserves of the Central Bank.

From the consulting firm Aurum they noted that “the stock of net reserves still under $ 1 billion and to meet the September target, the BCRA would have to purchase them 170 million dollars a day“.

Country risk has increased

The country risk had an increase of 1.1% and reached 2446 basis points after Argentine dollar bonds fell by around 1%.

“Dollar bonds continue to show the market uncertainty and indecision. In the first part of the round they showed mixed behavior, but in the afternoon they started to turn red, “said Leonel Buccolo, Accounts Executive of Rava Bursátil.

Argentine equities fared better than bonds. The majority of ADRs listed on Wall Street were positive, led by YPF with 4.6%. Among the seven companies finished in the red, Supervielle bank stands out, losing 6.3%.

On the Buenos Aires stock exchange, Merval rose 4.4%, led by Transportadora Gas del Norte with a jump of 7.7%.

AQ