He dollar opens the week in Uruguay trading at 37,833 pesos, for the interbank of the Central Bank of Uruguay (BCU)after the rise of 0.24% that it registered last Friday.
The US currency accumulates a monthly improvement of 1.21%, recovering some ground after what was the month of July, when the dollar marked the worst monthly average in terms of exchange rate misalignment. In any case, so far this year, it has depreciated by 5.46%, while in the year-on-year comparison the decline is 5.59%.
The depreciation of dollar in the country it occurs in a context of global weakening of the currency, in which the peso tends to strengthen, as is the case with the real in Brazil and other countries in the region. However, it is worth noting that Uruguay has the most overvalued currency in the world, according to the latest Big Mac Index published by The Economist.
Added to this is the discontent of some sectors over the exchange rate delay existing in the country, with criticism from agriculture, but also from exporters, representatives of the Chamber of Free Zones and economists who have been warning for months of its impact on the loss of competitiveness national.
The future dollar, a growing market
The operations of future dollar grew 125.61% in July compared to the previous month, reported the Electronic Stock Exchange of Uruguay (Bevsa), which estimated the volume of operations at 65.2 million dollars, reaching its maximum since March 2021.
The growth in the future exchange rate reached its maximum in two and a half years driven by the dollar OCTwhich represented the total movement and reached its relative maximum in the last ten years, surpassed only by the operation of August 2019, which was 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 made its first jump in May, when it operated for 28.5 million and June, when it mobilized 28.9 million.
If it is compared with the movement of the OCT dollar, the difference is even greater, since it operated a total of 65.2 million dollars during July, thus 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.
Source: Ambito
