The official exchange rate has remained below $1,400, resuming the downward trend seen in late February. The Central Bank’s purchase of $132 million came as a surprise, but gross reserves still fell by more than $700 million.
The official dollar closed Friday below $1,400, continuing the downward trend observed in late February. The U.S. Currency retreated $9.50 during the week, and the distance to the upper limit of the band reached a modern high for 2026.
The wholesale exchange rate fell $4, closing at $1,390.50. At this level, the rate is positioned at 17.8% of the upper limit of the exchange band, which on Friday was at $1,638.52. What we have is the highest level since June 30, 2025, when it reached 19.2%.
At the retail level, the dollar was sold for $1,415 for cash at the Banco Nación (BNA) and fell $5 during the week. The dollar card or tourist dollar, equivalent to the official retail dollar plus a 30% surcharge deductible from Income Tax, was at $1,839.50.
Meanwhile, the MEP dollar is trading at $1,420.76, whereas the cash with settlement (CCL) is at $1,472.20. The blue dollar falls to $1,420 for sale, but accumulates an increase of $5 during the week and, if it holds, would mark its first increase in a month, according to a survey by Ámbito in the city’s caves.
blue dollar
Depositphotos
The mystery of falling reserves
Despite the Central Bank continuing its buying streak, reserves continue to fall. On Thursday, it acquired $132 million, but gross reserves still fell $793 million. In the week to date, they have accumulated a loss of $1,957 million.
“Part of the decline is explained by the fall in the valuation of gold (-$557 million), although a significant residue of about $359 million remains unexplained,” explained Portfolio Personal Inversores (PPI).
They added: “Given that the Treasury had no scheduled debt payments, encashment movements or other factors could have been involved. We will have to wait for the publication of data in the coming days for greater clarity.”
