The market opens this Monday after the foreign currency registered two days of decline, just shy of touching the $37 range.
Last Friday on dollar fell 0.25% compared to Thursday and closed at 38,054 pesos, ending the week with two consecutive declines and approaching the range of 37 pesos again, according to data from the Central Bank of Uruguay (BCU), which puts hope in this new week to have a bullish behavior again.
However, the bill continues to appreciate so far this month, with a rise of 1.23% so far in September, although it cannot be hidden he exchange delay in the accumulated of the year, since the US currency is down 5.03%. If compared year-on-year, the depreciation is 7.14% compared to September 15, 2022.
The other quotes
Regarding the reference board of the Republic Bank (BROU), the dollar It was offered at 36.75 pesos for purchase, and 39.25 pesos for sale on Friday. For its part, the preferential value of eBROU dollar It was at 37.25 pesos for purchase, and 38.75 pesos for sale.
The last operation of the day in the Uruguayan Electronic Stock Exchange (Bevsa) was agreed at 38,020 pesos, while the maximum price was 38,100 pesos, and the minimum was 38,020 pesos. On this day, the number of transactions was a total of 33, with a total transaction amount of more than 16.4 million dollars.
Cryptocurrencies 1 to 1 parity with the dollar as Tether (USDT) were quoted at an average of 40.07 pesos for online purchases through a bank or card, and from 40.07 pesos to 42.33 pesos in the Binance peer-to-peer (P2P) market.
What happens to the dollar worldwide?
The dollar is in a stage of strengthening at the international level, Therefore, despite the two consecutive downward wheels, behavior along those lines can be expected in the country. In fact, the Bloomberg Dollar Index (DXY), which compares the currency against a basket of currencies from advanced countries, has been accumulating several weeks of increases.
On the other hand, another factor that could influence the exchange rate is the interannual inflation in USA which rose for the second consecutive month. In this sense, and taking into account that there are only a few days left until the Federal Reserve (Fed) hold a new meeting, the body could decide to maintain or raise the reference interest rates, which are in a range of 5.25% to 5.50%, the highest level in 22 years.
If this occurs, it could result in the dollar become more attractive to Uruguayan investors, thus generating the interbank to continue its path of appreciation.
Source: Ambito
