The fall in the price of dollar in the foreign exchange market Uruguay has accelerated in the last week, taking the currency to values very far from those expected by the market.
The dollar closed last week with a rise, but it was not enough to take it out of the range of 37 pesos, a place of symbolic impact for several productive sectors that, for weeks, have once again raised their voices about the effects of the exchange delay.
On Friday the US currency closed at 37.89 pesos, according to the interbank of the Central Bank of Uruguay (BCU)a value much lower than the 39.19 pesos on February 29.
On the last calendar day of last month, the dollar was quoted almost in line with what the analysts consulted by the BCU had estimated as a median for that date, that is, 39.20 pesos, according to the latest Economic Expectations Survey published.
A month earlier, at the beginning of 2024, the same analysts and financial entities had projected a dollar to 39.38 pesos on average by the end of January. That is to say, the trend for the exchange rate, in the market’s opinion, was one of certain stability within the range of 39 pesos for the first months of the year.
However, and decoupling from the behavior of the dollar At a global level that strengthened, the US currency has moved away from those projections with a debacle of 2.96% so far in March.
The depreciation of the dollar in Uruguay It even set a record last week by hitting, on Wednesday, its lowest value in more than six months, also registering the steepest daily drop in a year.
The value is very far from what was projected six months ago, when the same Central Bank survey estimated the exchange rate at 40.50 pesos (median). This is the only market-specific forecast data for March.
Source: Ambito
