Friday , October 7 2022

With a little more supply, the dollar stabilizes below 40 pesos



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After adding six currency exchange on rising retail, and five in the wholesaler, the dollar it stabilizes this Tuesday something under 40 pesos respectively 39 pesos in both segments.

Officials at the exhibition site recognize it all around The 39 pesos interbank offer is a little more nutritious and removes the header effect, then a return of more than 8% in the exchange rate since last week.

In the project of the banks of porteño microcenter The dollar is offered at $ 39.82 for sale, with 15 cents reduction.

On the market Wholesaler sells for $ 38.78, about 27 cents during the previous closing.

"The The exchange rate always remained within the "non-intervention zone", so that the central bank did not participate in the foreign exchange market and only made direct sales to the treasury National, which used the resulting funds to meet different obligations in foreign currency, "said the monetary unit in its last exchange Balance.

BCRA set for this Tuesday as the lower limit of Free floating band of $ 35,929 dollars, while the band's "thanks" stood at 46 496 pesos.

Since mid-November the dollar extended estimate, before a company Currency takes position of fuses of portfolios among institutional investors, with insufficient supply and a flow of pesos pushing the exchange rate of the exchange rate following the partial renewal of LEBAC last week.

More pesos in the hands of investors, reference rates in gradual decline and the closing of positions by the end of the year increased the US currency. prices from the beginning of October, in a move that also predicted the strong liquidity given by payment of salaries, half-christmas bonus and December bonus.

"As variables to follow carefully will remain, in principle – and as it has been for weeks – dollar development and interest rates. This in a frame where there are some good signs: inflation is falling from the last piles, it The current account deficit accelerates its correction and the prosecutor seems to be most likely to surpass the target and therefore lead us to balance in 2019, he says. Matías Roig, Head of Portfolio Personal Inversiones. "Courage, but expected, The activity continues to show a strong recession", he said.

For the economist Gustavo Ber, the bullish reaction to the dollar was due to the "a greater demand for coverage was concerned in the wake of domestic and external uncertainties. Additionally, the trend is added reduction of BCRA interest rates and depreciation in many growing currencies, which presupposes and accelerates dollarization process of portfolios in front the fallout for 2019".

from Research for traders contributed to the "wholesale price moving in line with the reseller and the movement the other coins in the region", in a bullish dynamic" for purchases to cover monthly obligations and disarmament of carry trade".

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