The official dollar exchange rate rebounded on Friday after six consecutive declines, falling more than $30 for the week. Since the start of the year, the wholesale exchange rate has decreased by nearly 4%.
The wholesale dollar rate rose to $1,399.50 on Friday, an increase of $4.50 after falling 0.4% on Thursday and breaching the $1,400 threshold for the first time since November 17. It has accumulated a decrease of $32.50 (-2.3%) for the week. The gap against the upper limit of the band is 13.3%, levels similar to those of last July.
In the retail segment, the dollar sold at Banco Nación rose $5 to $1,420, even as the average rate reported by the BCRA closed at $1,420.64.
dolar blue
Depositphotos
In the financial market, the MEP dollar is trading at $1,428.22, up 0.7%. Conversely, the Cash Settlement (CCL) is at $1,472.94, down 0.5%. Like other dollar variants, financial exchange rates are averaging February with broad declines, although of varying intensity: the MEP is down 2.2% and the CCL just 1.4%. The movement suggests a continued easing of pressure on Argentina’s currency.
Meanwhile, in the dollar futures market, most maturities traded higher. For March, the market “prices” a wholesale dollar at $1,453.50.
The BCRA shows no signs of ending its buying streak
the Central Bank extended its buying streak to 29 consecutive rounds on Thursday, acquiring USD $141 million. It has now accumulated USD $573 million purchased this week and USD $890 million so far this month. Adding to that the amount of foreign currency it has purchased this year, the total amounts to USD $2,047 million.
However, the Central Bank’s robust purchases on Thursday did not impact gross reserves, which fell USD $251 million to USD $45,056 million, due to the collapse in the price of gold (2.8%) and other assets. The Central Bank’s continued intervention in the foreign exchange market is aimed at stabilizing the currency and building reserves.
