While, the MEP -also valued with the Global 2030- climbs 1% in this wheel, to settle at $207.96after climbing 8.1% ($15.39) last month.
It is worth remembering that in just one week the prices managed to recover up to $25 of the more than $40 they had lost between the end of January and the beginning of April. In a framework of high volatility, between Wednesday and Thursday they exhibited a strong decline, to then resume the upward path last Friday.
The search for coverage in dollars accelerated due to several causes. At the domestic level, the acceleration of inflation, some doubts regarding the fulfillment of the goals agreed with the International Monetary Fund (IMF) in fiscal matters and the accumulation of reserves, and the tensions within the ruling party had an influence. Likewise, the escape from risk at a global level in the midst of the war in Ukraine, the resurgence of Covid-19 in China and the rise in rates in the US also had an impact.
“In January and February, faced with extreme volatility in financial assets in the world, and with the BCRA raising the rate, it was convenient for you to do a ‘carry trade’ in certain short periods. As of March, with the upsurge in inflation, plus a dollar that is strengthening in the world, the investor that operates the CCL dollar began to perceive that it no longer made sense to carry on. In these mechanisms you sometimes have a kind of overreaction. Now the prices have adjusted again, trying to find a balance above $200“, explained to Ámbito the director of Rafaela Capital, Fernando Camusso.
For his part, the director of Libertad y Progreso, Aldo Abram, He maintained to this medium that volatility occurs because “in these circumstances, everyone wants to buy at the same time, and vice versa when the trend changes.” “But if the government does not correct the factors that generate uncertainty, the long-term trend of the exchange rate is going to be upward,” he said.
Inflation is one of the major macroeconomic problems that the country is going through today, after the unexpected jump of 6.7% in March and an accumulated 16.1% in the first quarter of the year.
In this context, the Government summoned referents of the country’s leading companies this Friday to check the price spike and the lack of merchandise.
In the market, they estimate that the inflationary escalation in April induces new pressures for the BCRA to analyze a possible new increase in its reference rate for May. This yield currently stands at 47%, after three monthly increases in the first part of the year.
official dollar
The official wholesale exchange rate rises 49 cents this Monday to stand at $115.80, under the strict regulation of the BCRA. As usual, the monetary authority compensated for the inactivity of the weekend.
In April, the entity led by Miguel Pesce validated a devaluation of 3.9% ($4.30), the highest since the Frente de Todos government took office. Even so, it is worth clarifying that the “crawling peg” continues to run behind inflation that will remain above 5% in April, according to private estimates.
Meanwhile, the monetary authority is still unable to take advantage of the heavy harvest season to accumulate reserves. In the last month it bought, in net terms, a meager $170 million.
For its part, the retail dollar -without taxes- increases 27 cents to $120.91 for saleaccording to the average in the main banks of the financial system, while in Banco Nación the banknote remains unchanged at $119.75 for sale.
Thusthe savings dollar or solidarity dollar -which includes 30% of the COUNTRY tax and the 35% deductible of profits- amounts to 44 cents to $199.50 on average.
The blue dollar rises 50 cents at the beginning of May after having fallen sharply again on Friday, according to a survey of Ámbito in the Black Market of Currencies.
The informal dollar operates at $201 after accumulating a collapse of $12 in the last three rounds. This happened after shooting up $9.50 between Monday and Tuesday. Last week, it ended down $2.50.
Source: Ambito
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