In the same line, the MEP dollar or Stock Exchange -also valued with the Global 2030 bond- down 1% to $190.81so the gap falls to 71.9%.
Both the CCL and the MEP had shown a slight rebound in the previous day, but in this session they resume the negative trend. In this way, in the accumulated figure for March, they registered losses of up to 4.5% (-$9.49) and ended the month below the solidary figure.
The performance of stock exchange rates during the third month of the year was explained by several factors, such as the BCRA’s decision to accelerate the official devaluation rate and raise rates, within the framework of the final seal of the agreement with the International Monetary Fund (IMF), which will slightly increase the reserves of the monetary authority. Added to all this is the proximity of the heavy harvest of soybeans and corn, the period with the highest foreign exchange earnings in the country.
In this context, economists warn of rebalancing of portfolios in favor of the “carry-trade”, fundamentally with the help of securities indexed to inflation.
Despite the agreement with the IMF, the market remains cautious because doubts remain about Argentina’s ability to meet the objectives set in fiscal, monetary and foreign exchange accumulation matters, even more so due to the turbulence generated at a global level. because of the war between Russia and Ukraine.
“It is not surprising that the risks for the Argentine economy and, therefore, for the program are high,” said the spokesman for the multilateral credit organization, Gerry Rice, who pointed out that the Fund will work closely with local authorities to guarantee successful implementation of the program.
The blue dollar back $1 to the $200 this Thursday, March 31, 2022, its lowest value in the year, according to a field survey in the Black Market of Foreign Currency, for which it accumulates a loss of $11 in March.
The gap with the official falls to 80.1%, the lowest figure since July of the previous year.
official dollar
In the official segment, the exchange rate rises 10 cents to $110.99. In the month it accumulates a rise of 3.3% ($3.54), the highest in 15 months.
In this way, the acceleration of the “crawling peg” by the BCRA was strengthened, although the rate of adjustment is still behind a monthly inflation that is expected to exceed 5% for the data that the INDEC will release in the coming weeks. .
The Central Bank has just accumulated 7 negative balances in the last 9 days, although in all of March it showed a net purchase of foreign currency of US$356 million.
A better performance is estimated for the second quarter as a result of the liquidation of the thick harvest. In this framework, analysts estimate that the monetary authority could take advantage of maintaining the current devaluation rate and thus avoid “adding more fuel to the fire” of the inflationary process.
For its part, the savings dollar or solidarity dollar -retail plus taxes- rises 23 cents to $192.14 on average, and rises 3.1% per month.
Source: Ambito
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