The US currency achieved a slight increase although it is still behind by 2.10% compared to the value with which it closed October. Demand rises in Indexed Units.
He dollar in Uruguay managed to end a negative streak of six consecutive days with a slight increase that is still far from bringing the price closer to market expectationsalready visibly moderated.
With an increase of 0.18%, the dollar was able to reverse a behavior that was already beginning to consolidate as a downward trend, especially after suffering the worst daily decline in nine months and having recovered values from the beginning of October.
With a price of 39,136 pesos at the close of trading yesterday, according to data from the Central Bank of Uruguay (BCU), the US currency has had a devaluation of 2.10% so far in November – a month that began with the bill above 40 pesos, the first and only time in the year that it achieved those values; while in 2023 it already accumulates a decline of 2.33%.
For his part, the dollar index —the indicator that measures the value of the dollar in relation to a basket of six other world currencies— had two days of slight recovery in which it went from 103,449 units to 103,825 units at the close of trading yesterday. Although today it already opened lower, at 103,730 units.
This shows that the behavior of the dollar in the local market—although more pronounced—accompanies the dynamics of the global dollar, which analysts attribute mainly to the fact that United States Federal Reserve (Fed) It kept the interest rate unchanged and “the labor market indicators and the decline in inflation would allow it to begin lowering rates sooner than expected.”
Interest in instruments in pesos returns
Meanwhile, and with the premise that the peso remains strong despite the global context—which during the second semester was, in general terms, positive—and the monetary policy measures implemented by the BCU such as the new cut in the Monetary Policy Rate (MPR); investors are betting again on the Indexed Units (UI).
In that sense, the Ministry of Economy and Finance (MEF) lawful Treasury Notes (Series 30) maturing in 2027 for 200 million UI—almost $29.9 million—and received a demand that exceeded by more than three times the offer with an amount of 601 million UI—almost 89.9 million dollars.
Although the total finally awarded was 400 million UI, that is, almost 59.9 million dollars—the double the initial offer—, the significant demand reflects a new alignment of investments with instruments in national currency.
Source: Ambito
