On the other hand the MEP dollar-also valued with the Global 2030- rose $2.60 (+0.9%) to $297.84, leaving a spread of 130.6% with the official wholesale exchange rate.
In the informal market, meanwhile, the The blue dollar soared $10 (+3.4%) to an unprecedented $301 (it reached $302 on the day), with which the gap exceeded 133%.
The growing uncertainty about the future of the economy and political tensions, which led to the appointment of Silvina Batakis as Minister of Economy, fuel the nervousness of investors.
“I don’t have the slightest idea if the dollar has a ceiling, but if this continues, inflation is going to be on the rise and consequently the dollar is going to accompany it because the political crisis is going to be greater and greater”maintained the financial analyst Luis Palma Cané.
For his part, an operator commented that he sees the market “Distorted, we are at a time when everyone is looking to cover themselves at any price. It’s crazy.”
“Investors are still waiting for signs of support within the ruling coalition after the latest economic announcements, since they are essential to try to advance its implementation, especially given the associated political costs,” said an economist.
Meanwhile, the Central Bank continues to lose reserves and this tuesday had to part with about 120 million dollars to face energy maturities that were around 100 million dollars this Tuesday.
“With the bulk of the liquidation of agro-industrial exports already completed, doubts arise regarding the future rate of devaluation by the BCRA. However, the monetary authority maintains its path of small daily devaluations that are around 80% annualized, a rate that lags behind inflation,” said the Rosario Stock Exchange.
The BCRA awarded 426,118 million pesos (about 3,300 million dollars) in Liquidity Letters (‘Leliq’) with a 28-day term with a stable yield of 52%, after announcing last week a modification in the fixing of rates of interest through a ‘broker’.
“The corridor is a useful reference to determine the financial and monetary actions of the BCRA (sterilization, intervention in the peso curve or monetary signaling)”, said the economist Jorge Carrera.
Source: Ambito
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