Simultaneously, the MEP dollar, or Stock Market -similar operation to that of the CCL but within the country- advanced by 4.3% to $ 129.52, with which the gap with the official stood at 76%. Today, it was up 0.1%.
With these figures, the increases registered during this week were the highest since July 17, when uncertainty prevailed over the outcome of the negotiations for the debt swap under foreign law.
The agreement with the creditors did not manage to alleviate the pressure on the exchange rate gap, which revealed the concern of investors and savers regarding the impact of the Covid-19 pandemic on the Argentine economy and the Government’s measures to mitigate this. impact. Most analysts agree that uncertainty encourages the demand for dollars as a safe haven asset.
The economist Gustavo Ber stated that “The escalation that financial dollars have been registering is extended due to the fact that operators are still attentive to possible measures to stop the drainage in liquid reserves, recognizing that it is not sustainable, and also combining with the strong monetary expansion to finance the high fiscal deficit“.
For his part, Ramiro Marra, of Bull Market Brokers, pointed out that “with the current exchange gap,” the central bank no longer has much room for maneuver. If you do not want to squander reserves, you can only devalue or apply more taxes to the dollar (savings). Devaluation and inflationary acceleration, that’s what is coming for this period. “
Official dollar
He The tourist or solidarity dollar rose 41 cents to $ 101.14 in the week, after advancing four cents this Friday. It was the product of the retail ticket, excluding COUNTRY tax, amounted to 53 cents to $ 77.80 (+4 cents, today), in exchange agencies and banks of the city of Buenos Aires according to the survey of Ámbito.
For its part, the dollar in Banco Nación closed without variations at $ 77.50 while in the electronic channel it was achieved at $ 77.45.
At Market Unique and Free of Changes (MULC), meanwhile, the currency rose five cents to $ 73.58 in line with the Central Bank’s selling position, as happens every day, in a round where there was a greater demand compared to previous days, which forced new interventions by the monetary authority (it sold US $ 20 million, according to private estimates).
The maximum was recorded at $ 73.58, the same price established by the Central Bank in its usual selling position. The demand to fulfill obligations with the outside dominated slightly in the development of the day, forcing official interventions to supply it due to the insufficiency of the private supply.
In this context, the volume traded in the cash segment amounted to US $ 199,715 million.
In the week that has just ended, the wholesale exchange rate advanced 42 cents compared to last Friday’s closing, an adjustment that maintains the weekly average that has been repeated since April of this year. The acceleration in the adjustment verified in the first days of this week diluted with the passing of the days until it ended in a correction that maintained the previous line, without undergoing modifications.
It is worth noting the concern in the Government over the loss of Central Bank reserves, which in July reached US $ 400 million and in the first week of August accelerated to US $ 477 million.
The Bookings Gross International fell this Friday US $ 45 million and accumulated a weekly decline of US $ 76 million to culminate in US $ 43,048 million. Meanwhile, Net Reserves are below US $ 10 billion.
Blue Dollar
The blue dollar accelerated its upward dynamics this Friday and was one step away from its nominal historical record, since it climbed another $ 2 and closed at $ 138 for sale, a maximum in a month, according to a survey by Ámbito in caves in the Buenos Aires city center.
The informal ticket had its third straight advance and racked up a $ 6 increase from last Friday, which meant the first weekly rise since July 24, when it closed at $ 139, the highest value so far.
In this way, the distance with the wholesale dollar increased to 87.6%, the highest so far in August. The spread between both prices reached 95% at the end of July, and reached a maximum of 104% in mid-May.
The parallel market added greater pressure in recent days, after President Alberto Fernández and Deputy Chief of Cabinet, Cecilia Todesca, expressed doubts about the continuity of the permit so that people can buy up to $ 200 per month.
Anyway, from the The Ministry of Economy ruled out for the moment a tightening of the restrictions and estimated that the exchange market will stabilize when the debt swap concludes, early next month.
“The contradictions of the Government regarding the saving dollar do not do more than stimulate the purchase in the blue and alternative. To believe that the purchase of the dollar savings will continue the fall in reserves when there is no pressure for the liquidation of agro-exports is to see the reality in a partial way “, said economist Gabriel Monzón.
Since the quarantine began, the blue has accumulated an increase of $ 52.50 (from $ 85.50 on March 20), product, among other causes, of greater restrictions, not only in the Single Market and Free of Changes, but also for operations with the CCL dollar and the MEP.
Futures
In the ROFEX futures market, US $ 445 million were traded. The terms remained stable, again with increases as of January 202. August ended with a rate of 29.76% and September at 39.19% NER. End of the year at $ 85.70 with a TNA of 45.55%. The open contract positions totaled the sum of US $ 5,035 million.
– .
