After the important recovery in October and after having exceeded $40 on the first day of the month, the currency maintained a downward trend locally and globally.
He dollar in Uruguay It closed November with a rise that cut four consecutive days of growth, but was far from achieving a positive “end-to-end” price, thus breaking a monthly upward trend that had been maintained since July.
November had it all: highest quote of the year during the first exchange day of the month, when the dollar It reached 40.02 pesos—the first time in 2023 that it managed to exceed 40 pesos—; until the first negative monthly result after four months in positive territory.
With the result of the last day and a slight increase of 0.07%, the US currency managed, however, to remain relatively stable in the range of 39 pesos, although far from the market expectations who were expecting a bill at 39.95 pesos for yesterday, and they got a quote of 39,119 pesosaccording to official data from the Central Bank of Uruguay (BCU).
The increase helped, meanwhile, to end a streak of four consecutive days of decline, and 10 days of decline in the last 12. With this behavior, the dollar stepped back a 2.14% “end to end” in November compared to the important closing of October; while in the year there is a 2.38% drop —when on November 1, the value gap had narrowed to just 0.13%.
A downward trend throughout the month
The truth is that the dollar in Uruguay kept a downward trend throughout November: of the 21 days that there was trading, in 14 closed with a decline. This was observed, mainly, in how close the currency was to falling from the range of 39 pesos, when it reached 39,066 pesos on November 21. This value was also the lowest in a month and a half.
On the other hand, that day also saw the most pronounced drop of the month, when a 0.83% compared to the previous day, also marking the biggest decline in nine months. In contrast, the largest daily increase occurred on the 13th, when it rose 0.44%.
This behavior in the local market – which continued even with the cut in the Monetary Policy Rate (MPR) by the BCU—, coincided with what happened with the dollar at a global level: from “end to end” it lost a 3.08% of its value.
Also driven by macroeconomic data from USA and the decisions of the Federal Reserve (Fed) In terms of monetary policy, the peak of the dollar index in November it was the 1st, with 106,715 units – the same day that the currency reached its maximum in Uruguay-; while it closed the month at 103,428 units, after having hit the floor of 102,649 units on the 28th.
Source: Ambito
