Last week the dollar It closed a week with ups and downs, although maintaining its value above 38 pesos, with a closing week that ended downwards with an exchange rate at 38.115 pesos, achieving a drop of 0.24%.
The beginning of the week begins with expectations of an increase for the US currency that passes in the month of September with a positive balance that was in the order of 1.39% so far this month. However, the interbank has a decrease of 4.88% compared to the end of 2022, which is accentuated in the year-on-year comparisonwhere the decrease reaches 6.73%.
Last Friday the dollar closed at 38.115 pesos, falling 0.24% compared to Thursday, according to the price of the Central Bank of Uruguay (BCU). Regarding the reference board of the Republic Bank (BROU), the dollar bill was offered at 36.95 pesos for purchase, and 39.45 pesos for sale. For its part, the preferential value of eBROU dollar It was at 37.45 pesos for purchase, and 38.95 pesos for sale.
The last operation of the day in the Uruguayan Electronic Stock Exchange (Bevsa) was agreed at 38,180 pesos, while the maximum price was also 38,180 pesos, and the minimum was 38,050 pesos. On this day, the number of transactions was a total of 39, with a total transaction amount of more than 21.4 million dollars.
Cryptocurrencies 1 to 1 parity with the dollar as Tether (USDT) were quoted at an average of 39.85 pesos for online purchases through a bank or card, and from 39.85 pesos to 41.86 pesos in the Binance peer-to-peer (P2P) market.
With the stagnation of interest rates worldwide, what can happen to the dollar?
The interest rates are going through a time of cuts in the region, in line with the decrease in inflation, while at the international level, developed countries tend to decide on a pause or even an increase, so we are waiting to see what the country will decide. Central Bank of Uruguay (BCU).
That decision will be made next month at the next meeting of the Monetary Policy Committee (Copom), for which the market expects a new cut of 75 basis points in the Monetary Policy Rate (TPM), which would take it from 10% to 9.25%.
According to an Exante survey, rates remained paused in USA, at a level of between 5.25% and 5.50%, as in the United Kingdom, where they remained at 5.25%. Even in the Eurozone The authorities decided on an increase of 25 basis points, leaving them at 4%.
On the other hand, at the regional level, although the tone of monetary policy continues to be restrictive, a good part of the countries proceeded downwards. So it is that Chili accumulates a cut of 175 basis points in recent months, remaining in the order of 9.50%.
In line with what is happening with other countries in the region, the BCU is also moving forward with a reduction in TPM which in the last two months was reduced by 150 basis points, after the last cut. This could generate an increase in the exchange rate due to a possible increase in credibility and strength in the financial system.
Source: Ambito
