He dollar went up a 0.12% compared to yesterday and closed today in 39,017 pesosaccording to the official price of the Central Bank of Uruguay (BCU). In this way, and one day after the financial institution announced a reduction of 25 basis points in its interest rate -up to 11.25%- the foreign currency exceeded the floor of 39 pesos for the first time in just over a year. month.
on the blackboard of Republic Bank (BROU), the dollar was offered to 37.8 pesos for purchase and 40.2 pesos for sale. On the other hand, the preferential value of the Dollar eBROU He was in 38.3 pesos for purchase and 39.7 pesos for sale.
The last operation of the day in the Electronic Stock Exchange of Uruguay (Bevsa), was agreed in 39.01 pesos, while the average price of operations was 39,017 pesos. Today the number of transactions was a total of 63with an amount of operations of almost $31.5 million.
How can the increase in the reference rate affect the dollar?
When the news of the drop in the BCU reference rate was released, some specialists immediately pointed out that the definition could have an effect of upward pressure on the exchange rate. Francisco Echegoyén, financial advisor company analyst Gaston Bengochea, that he had anticipated in dialogue with scope.com that the BCU would locate the rates at 11.25%, commented that this decision restores “hope” that the dollar “will appreciate again if they continue with this rate cut.”
According to the expert, “this discourages agents from continuing to sell their dollars going through the exchange market and placing it in pesos,” explained Echegoyen. Today’s closing did not show a marked upward trend, so we will have to wait for the next few days to see how the price of the US currency evolves.
The dollar accumulates a fall of 2.63% so far in 2023
The accumulated variation of April is currently from 0.95% Although it is positive, it is still far from neutralizing the drop in January (-3.25%), paid for by the drop of 0.63% in March.
In turn, with respect to March 20, the monthly variation registered is from X,X% in red. A little over a month ago, the dollar hit its maximum in the two months up to then – on Thursday, March 16 – but from there, it began a sharp downward path that kept it below the floor of the US dollar for four weeks. 39 pesos.
So far in 2023 the foreign currency accumulates a fall of 2.63%. While, compared to the same day but last year -April 20, 2022-, when the exchange rate was 40,769 pesos, the interanual variation is from 4.29% negative. It is the first time in a large number of months that this variable was not positioned at these levels.
The year-on-year indicator fell sharply in recent weeks, mainly because, by then –beginning of 2022–, the dollar had already begun to fall after reaching the historical peaks it had registered in the first weeks of last year. Meanwhile, now, the year-on-year variation remains balanced and collapses every time the current exchange rate rises.
Source: Ambito
