While, the MEP -also valued with the Global 2030- rose 2%, after the drop of the previous day, to settle at $212.18. In this case, the gap rose to 84.7%.
Since last week the CCL woke up and recovered a good part of the $40 it had lost between the end of January and the beginning of this month.
At the local level, the pressure of inflation on the rest of the variables in nominal terms, some doubts about meeting the goals with the International Monetary Fund (IMF) and a level of accumulation of reserves lower than expected for this time of year, were factors that put pressure on the search for currency hedging.
“Inflation was high and expectations are bad. There is an awakening due to the demand for dollars and therefore the exchange variation,” summarized the economist María Castiglioni.
At the beginning of this week it transpired that the Government is finishing adjusting the amounts for which there could be exchange of fiscal data between the foreign exchange investors that operate CCL, which in the opinion of operators is another obstacle that plays against the devalued peso.
Added to the previously mentioned factors is an unfavorable international context, marked by strong risk aversion due to the lockdowns in Chinese cities, the war in Ukraine, and the upward trend in interest rates in the US. As a consequence, the US dollar strengthens against the rest of the world’s currencies.
“The financial dollars seek to resume the upward readjustment (…) which is fed by external and internal condiments, such as concerns about inflation, a possible greater monetary issue and political tensions, which incline operators to a greater coverage after taking advantage of the ‘carry-trade’ in recent times,” said the economist Gustavo Ber.
The jump in parallel dollars reflected the loss of appeal of the “carry-trade”, an operation through which investors took advantage of the high yields of securities indexed to inflation in recent months to later buy cheaper dollars.
In this regard, the portfolio company Portfolio Personal Inversiones warned that “when there are violent movements, the strategy is swept away in a few days, more so in this volatile market.”
official dollar
The official wholesale exchange rate rose 17 cents this Tuesday to stand at $114.85under the strict regulation of the BCRA.
“In the first two days of this week, the wholesale exchange rate advanced 62 cents, with an increase of 81 cents registered in the same period of the previous week. After the rebound in the sliding rhythm of the prices of the wholesale dollar verified in the week last week, the monetary authority put some brake on the adjustment, slightly moderating the daily correction in an international scenario of extreme volatility”, remarked an operator.
The monetary authority ended its intervention in the foreign exchange market with a positive net balance of US$15 million. A few days before the end of the month, the accumulated figure for April gives a result in favor of US$230 millionyes, although the market expected a larger result, taking into account the foreign currency income that usually occurs at this time for grain exports.
Despite recent purchases by the BCRA, gross reserves fell in recent sessions. “The unexpected devaluation of the yuan affected the value of gross reserves, since the swap with China explains slightly less than half of the assets,” Delphos Investment explained.
For its part, the retail dollar -without taxes- increased this day by 32 cents to $120.10, according to the average in the main banks of the financial system. In turn, the retail value of the ticket at Banco Nación closed unchanged at $119.50.
Thusthe savings dollar or solidarity dollar-which includes 30% of the PAÍS tax and 35% deductible of profits- rose 53 cents to $197.90 on average.
Untied, the The blue dollar soared $7 (3.4%) this Tuesday, April 26, which represented its highest daily rise in a year, in percentage terms, according to a survey of Ámbito in the Black Market of Currencies.
The Informal dollar went from $205.50 to $212.50 on the dayafter rising $2.50 in the previous session and after capping last week its biggest weekly rise in three months.
Thus, in the last six days it accumulated an increase of $17.50 (+9%), with which the gap with the wholesale exchange rate jumped to 85%, the highest level in a month and a half.
Source: Ambito
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