The operation of future dollar increased by 125.61% compared to last month during July, reaching a volume of 65.2 million dollars, reaching its maximum since March 2021, according to the monthly bulletin prepared by the Electronic Stock Exchange of Uruguay (Bevsa).
The growth in the future exchange rate reached its maximum in two and a half years driven by the oct dollar, which represented the total movement and reached its relative maximum in the last ten years, surpassed only by the operation of August 2019, when it reached an amount of 86 million dollars.
The operation of 65.2 million dollars was by far the highest so far this year, in a context of growth. is that the future dollar started the year with a volume of 10.2 million and remained at similar levels in the following months (10.4 million in February, 10.3 million in March and 10.5 million in April), until it hit its first jump in May, when it operated for 28.5 million and June, when it mobilized 28.9 million.
If compared to the movement of the oct dollar, the difference is even greater, since it operated a total of 65.2 million dollars during July, accounting for more than the 57.9 million it had reached in the year. Specifically, it did not operate in January and April, registering 10.4 million in February, 10.3 million in March, 13.3 million in May and 23.9 million in June.
According to data from Bevsa, July closed with 12 open contracts for dollar OCT: August 2023, September 2023, October 2023, November 2023, December 2023, January 2024, July 2024, October 2024, December 2024, January 2025, February 2025 and May 2025, for a total of 160 million dollars.
The difference with the SPOT dollar
On the other hand, the price of spot dollar ended with a monthly decrease of 0.35%, going from 37.50 pesos to 37.37 pesos. In addition, at the year-on-year level, its price registered a drop of 7.01%, compared to 39.99 pesos in July 2022.
In any case, most of the operations were concentrated in this variant of the US currency, reaching 84.5% of the total, with 355.6 million dollars, although 24.6% below the amount in June, which was 471.6 million dollars
However, according to Uruguayan stock market, the curve of implicit rates in the operations of dollar future (CUTIF) presented a downward shift at the end of the month compared to June, with falls in all the nodes except the SPOT. The greatest drop was registered by the 9-month yield, which went from 10.935% in June to 10.117% in July. On the other hand the spot jumped mom from 8.999% to 9.142%.
Source: Ambito
