The so-called dollar exchange -that arises from the purchase of bonds or shares on the local stock exchange- It rebounds $ 3.87 (the highest daily rise in more than a month) to $ 104.40, after accumulating a drop of 6.7% ($ 7.18) in the sixth month of the year, a period in which it touched lows of more two months ($ 100.53). In this way, the gap with the wholesaler stands at 48%.
More moderate was the rise in Dollar Counted with Liquidation -similar operation than the MEP but that ends outside the country-, which It advances $ 2.23 to $ 106.37, after sinking 8.2% ($ 9.28) in June. Consequently, the spread with the currency listed on the MULC exceeds 50% again.
In this last round of June, both quotes registered a small rise, of just 14 cents in the case of the MEP and of 7 cents in the CCL.
The implicit exchange rates fell sharply in the sixth month of the year, due to the entry into force of a series of measures by the National Securities Commission (CNV), which deepened the obstacles to the operation that allows making dollars through business with assets. In addition, specialists point out that greater bets on the assets in pesos also influenced, taking advantage of the “weakness” of the stock market dollars.
Blue Dollar
He The blue dollar rises $ 1 to $ 127, after suffering its biggest daily drop in almost a month on Tuesday, according to a survey by Ámbito en cuevas del Microcentro.
The parallel ticket yielded $ 3 the day before faced with a greater need for pesos at the end of the month, at a time when companies -which can- must face the payment of the Christmas bonus, market sources commented.
“June is always a demanding month for pesos due to the Christmas bonus”, indicated to Ambit a money changer, who also remarked that “Some are probably anticipating sales operations on the eve of a more rigid quarantine, in which it will be more difficult to move.”
The last sharp daily drop in the parallel had been recorded in early June, when it went from $ 128 to $ 124 (June 2).
Beyond that since the beginning of the mandatory quarantine decreed by the Government, the parallel ticket accumulates a jump of $ 41.50 (on March 20 it had closed at $ 85.50), during last June the price of blue showed greater stability, operating in a range between $ 124 and $ 129, within the framework of greater controls in the official markets.
In this way, the informal ticket registered a rise of 0.8% ($ 1) in June, while in the first half it accumulated a jump of 60.5%.
Official dollar
He “tourist” dollar -which carries 30% of the COUNTRY tax- advances eight cents to $ 96.37, after climbing 4.7% in June and 17.6% so far this year, in agencies and banks in the city of Buenos Aires, according to an average for Ámbito.
For his part, the retail dollar sells for $ 74.13, whereas, at Banco Nación, the ticket operates at $ 73.50, while on the electronic channel it sells at $ 73.45.
At The Single and Free Exchange Market (MULC), meanwhile, the currency adds six cents to $ 70.52, after rising 2.8% in June, in keeping with the slippage arranged by the Central Bank.
Unlike what had happened in May, the monetary authority ended last month with a buyer balance of US $ 650 million, according to what it was able to find out.
This was reflected in the evolution of the Gross International Reserves, which grew by US $ 655 million in June to close at US $ 43,243 million..
Recall that during June, new controls began to operate in the exchange market. From the 5th of last month, savers who want to acquire the 200 dollars a month allowed by the Central Bank in banks must present an affidavit stating that they have not operated in cash with liquidation or MEP in the last ninety days.
Likewise, banks are obliged to offer a minimum rate of 30% on time deposits, in accordance with what is ordered by the Central Bank.
On the other hand, the monetary authority expanded the possibility for agricultural producers to make deposits at a variable rate, linked to the price of the dollar.
It was also provided that companies that have dollars outside the country, must use these funds to meet the payment of their commitments abroad.
In turn, it extended to 90 days prior and 90 days after the restriction to carry out purchase and sale operations of public securities in local currency with settlement in foreign currency, for companies that require access to the official exchange market. This option is added to the existing ones tied to the prices of cereals and oilseeds.
Dollar in the region
While in Argentina it went up, the US currency was down against the region’s currencies, due to a rebound in oil prices and positive data on manufacturing, although the effects of the pandemic continued to put uncertainty on the future of the world economy.
The slump in global manufacturing industry showed signs of remission in June, as the pickup in activity in China offered some hope that Asia has passed the brunt of the devastation caused by the coronavirus, while the slump in business activity European factories slowed down.
However, sluggish global demand and fear of a second wave of infections dampen any optimism about the outlook, and will keep the pressure on public policy makers to support their struggling economies.
The Brazilian real was up 2% at 5.3618 per dollar, while the Mexican peso was up 0.7%.
At the same time, the Chilean peso appreciated 0.23%, andThe Peruvian sol showed an increase of 0.11%, and the Colombian peso showed an advance of 0.94%.
Beyond these increases, Latin American currencies enter the second half of the year vulnerable to a new depreciation, in view of a worsening of the fiscal picture and fears about the relentless advance of the coronavirus, showed a Reuters poll.
The Mexican peso and Brazilian real recovered part of their losses in May after plummeting to all-time lows with the virus outbreak, but the brief improvement dissipated last month and the liquidation of regional currencies is likely to continue thereafter.
The high cost of the crisis, combined with a collapse in tax collection caused by the historic decline, have pierced the budgets of Mexico and Brazil, pressuring authorities who are already facing questions about their handling of the health emergency.
In Brazil, national debt and the public sector deficit soared to record levels in May, reflecting the impact on national accounts of a second full month of social isolation and quarantine to contain the pandemic.
“If a high debt ratio persists, with low interest rates and high risk, that will fuel the outflow of capital from Brazil over the coming months,” Alex Agostini, chief economist at Austin Rating, said, adding that he still expects a return to fiscal restraint soon.
The real would end the year up 7% from this week’s values, to 5.10 units per dollar, and then basically continue unchanged until mid-2021. Still, several economists expressed continued pessimism about the outlook for The currency.
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