While, The MEP or Stock Exchange dollar -also valued with the Global 2030- lost 1% to $189.42so the exchange rate gap was reduced to 66.7%.
“Without buying (dollars) off-shore and selling to make pesos in a context of skyrocketing prices, the forces of (exchange) supply and demand seem to be balanced,” said the brokerage StoneX.
For his part, the economist Gustavo Ber pointed out that “with the BCRA doing its task of continuing to rearrange the rate upwards and accelerating the ‘crawling-peg’, there is calm among the financial dollars, since the bets towards the ‘carry-trade’ – through CER instruments – continue to be the order of the day”.
Investments in pesos indexed to inflation are becoming more attractive in the face of inflation that has just recorded its highest monthly level in 20 years and that shows no signs of a significant slowdown in the short term.
Meanwhile, the Central Bank has been adjusting upwards the rate of increase in the official exchange rate and interest rates. The Leliqs rate now yields almost 59% annually in effective terms, above current year-on-year inflation (55.1%), but still below expected inflation that is already over 60%.
“The meager rate adjustment entails a risk for the foreign exchange market given the acceleration of the ‘crawling peg’ since the beginning of April,” he warned. Personal Portfolio Investments.
“Yields for savers have remained in negative territory since last October, far from the understanding with the IMF that prays for ‘positive real returns,'” he said.
official dollar
In the official segment, the wholesale dollar advanced 66 cents to $113.63. As usual, the Central compensated for the inactivity of the weekend and the Easter holidays.
The predominance of the supply of foreign currency in the foreign exchange market caused the monetary authority to end its intervention with a positive result of US$70 million, the highest in a month.
In this way, after registering its first net sale of foreign currency on seven wheels last Wednesday, the entity led by Miguel Ángel Pesce increased its result in favor of the month to more than US$80 million, while in the year it accumulated up to moment US$30 million.
“The accumulation of operations originated in the days in which the market did not work may be justifying the result obtained today by the Central Bank, which carefully follows the rate of income of the agro-export complex in a scenario in which logistical complications conspire to increase even more the income of foreign currency, which seasonally tends to increase in the second quarter of the year”, deepened from PR Corredores de Cambio.
In that framework, the retail dollar -without taxes- rose 49 cents this Monday, April 18, at $118.88, according to the average in the main banks of the financial system. In turn, the retail value of the ticket in the Banco Nación was located at $118.
The Solidarity Dollar -which includes 30% of the PAÍS tax and 35% deductible of profits- advanced 81 cents at $196.15 on average, thus surpassing the level of the blue, for the second time since June 2021.
The The blue dollar closed stable this Monday, April 18, 2022, at $195, which represents its lowest nominal value since last October. according to a survey by Ámbito in the Black Market of Currencies.
The parallel dollar accumulated nine consecutive days below $200, bringing the gap with the official wholesale dollar to 71.6%, the lowest level since June 2021.
Source: Ambito
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