He dollar in Uruguay follow his journey stable, in general terms, although the days changed between the closings up and down: with yesterday’s rise, the US currency once again approached the floor of 39 after three consecutive falls, under the watchful eye of analysts and decision makers.
The dollar rose again and, in a context in which the foreign currency is expected to strengthen against the peso, for many it is good news. Although not great news, since there is still a long way to go before it is, especially for those who understand that its value should be as close as possible to 48 pesos to begin to see a real solution to the effects of the exchange rate delay.
With the 0.43% increase yesterday, however, it closed at 38.83 pesos, according to the official price of the Central Bank of Uruguay (BCU). Still somewhat far from the floor of 39 pesos, the behavior of the dollar moved positively after three consecutive days down. Prior to these, the three days on the rise had been the novelty.
While a rise is always good news, optimism is tempered. The economist of the Center for Economic Research (Cinve), Adrián Fernándezlast week in dialogue with Scope.com: it is necessary “to be cautious about the movements of the last few days”, since “we have had episodes of rising days before, and the dollar has been in negative territory since the beginning of the year”.
For its part, everything seems to indicate that, rather than a bearish or bullish trend, the dollar is in a stable trendcontained among the greater confidence in the local currency after the improvement of the credit rating by Standard & Poor’s (S&P) and a greater inclination to invest in foreign currency after the lowering of reference interest rates by the BCU.
The dollar accumulates a fall of 3.02% so far in 2023
With yesterday’s rise, May accumulates a 0.2% increase with three of its first six exchange days down and three up, so the trend in these first days of the month is not consolidated. In turn, compared to April 9, the registered monthly variation is 0.42%.
Although the expectation was that the exchange rate would close April negatively, finally, with the rebound on the last Friday of the month, the accumulated rate remained at 0.35%. This, in any case, did not offset the enormous drop in January ( -3.25%), paid for the drop of 0.63% in March. Of the first four months of the year, two were red and two positive.
More than a month and a half ago, the dollar hit its highest 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 bottom of the US dollar for four weeks. 39 pesos.
Meanwhile, so far in 2023, the foreign currency accumulates a fall of 3.02%and the interannual variation is 6.64% negative.
Source: Ambito
