He dollar fell a 0.16% compared to yesterday and closed today in 38,955 pesosaccording to the official price of the Central Bank of Uruguay (BCU). Thus, after the rise in the interest rate of the entity last Wednesday, the foreign currency showed a slight rise that returned it -after a month- to the range of 39 pesos, but now, another small setback cut with the uptrend and left it below that floor again.
on the blackboard of Republic Bank (BROU), the dollar was offered to 37.75 pesos for purchase and 40.25 pesos for sale. On the other hand, the preferential value of the Dollar eBROU He was in 38.25 pesos for purchase and 39.75 pesos for sale.
The last operation of the day in the Electronic Stock Exchange of Uruguay (Bevsa), was agreed in 38.99 pesos, while the average price of operations was 38,955 pesos. Today the number of transactions was a total of 72with an amount of operations of just over $34.4 million.
The dollar accumulates a fall of 2.79% so far in 2023
The accumulated variation of April is currently from 0.79%. 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 21, the monthly variation registered is from 0.02% positive. 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 2.79%. While, compared to the same day but last year -April 21, 2022-, when the exchange rate was 40,126 pesos, the interanual variation is from 2.91% 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.
Is it possible that the bullish trend in the dollar will continue?
for the economist aldo motto, movements in the MPR temporarily affected the nominal exchange rate, but will not affect the real exchange rate in the long run. This means that, although a progressive increase may be observed in the short term, the upward trend will not be sustained long enough to have a significant impact on the local market.
Likewise, although it will be possible to observe a strengthening of the dollar against the peso —something that, likewise, will be beneficial in terms of value for exporters—, the improvement will not have a direct correlate in terms of the prices of the goods produced in the country. .
Lema’s conclusion —which is based on “good theories and evidence”— is in response to the president of the Union of Exporters of Uruguay, Facundo Marquez, who celebrated the reduction in interest rates on social networks, describing it as “a good sign that is in line with what we believe is best for the country.” “There is still a long way to go, but it is a start,” said the CEO of polanco caviar.
For the economist and teacher jose licandroFor its part, not only will the upward trend in the dollar not continue, but it will also have a rebound effect on the increase in inflation. Two situations that directly affect prices in the country. “It is one more cause of the meager potential growth rate of the country estimated at just over 2% per year,” he said.
Source: Ambito
