With yesterday’s increase of 0.24%, the US currency accumulates a positive variation of 1.91% in the month, but it has fallen by 4.86% in the year.
He dollar resumed his streak of increases and excites with a uptrend to help balance the situation exchange rate delay that lives in Uruguay and that still greatly worries the productive and exporting sectors of the country due to the lack of competitiveness in the exchange rate.
The dollar closed the day yesterday with a rise of 0.24%, reaching a price of 38.124 pesos, according to official figures from the Central Bank of Uruguay (BCU). In this way, he cut two consecutive days in negative and already accumulates a appreciation of 1.91% so far in July. During the month, the positive variation occurred on five of the seven days in which there was activity in the exchange market.
Despite this slightly optimistic scenario, the US currency accumulates a decline of 4.86% so far this year with respect to the end of 2022. Likewise, at the year-on-year level the drop is more than 5.97%.
Meanwhile, in his last Economic Expectations Survey, the BCU estimated that the dollar will close 2023 at 39.97 pesos, on average, which would imply an increase of 4.84% by the end of the calendar year. The great unknown is that the behavior of the foreign currency in the coming months will correspond to the bullish projections and the monetary policies of the organism.
The concern of the Rural Federation
Despite the recent behavior of the dollar in a mostly positive sign and the fact that the BCU cut interest rates in what seems to be the deepening of a less contractive monetary policy path before the good inflationary results, the rural federation continues to be concerned about the exchange rate delay in the country.
This is how the producers informed the president of the BCU, Diego Labat, during a meeting that took place on Monday, noting that due to the price of the dollar, they must produce 25% more to cover the costs of 2022.
According to the president of the Rural Federation, Jorge Andrés Rodríguez, producers do not benefit from a low exchange rate, and he stated that he believes that the fall in State revenues due to the drought will be compensated by tax adjustment. In this sense, he insisted that the exchange rate delay is a double impact for the sectorif the historic water deficit that plagues the countryside is taken into account.
From the rural union they are pessimists because, despite the fact that there are no new setbacks, it does not seem that there will be a significant recovery in the price of the US currency.
Source: Ambito
