In turn, the MEP dollar -also valued with the Global 2030- it fell $3.34 (-1.2%) to $275.78, its lowest value in two weeks. In this way, the gap compared to the official exchange rate gave way at 103.8%.
In the informal market, for its part, the blue dollar fell $4 (-1.4%) to $291, according to a survey by Ámbito in the Black Market of Currencies.
“The strong rise in the interest rate (almost 10 percentage points to 69.5% per year) is allowing the relative calm to extend among the financial dollars, since while the progress of the economic scenario is being monitored, some operators are tempted by ´carry-trade´ tactics, even recognizing the associated risks and the meticulous ´timing´ that is required”, they commented at the tables.
Meanwhile, Massa is working on new announcements to calm tensions, with investors awaiting the execution of commitments such as those of lower the fiscal deficit, strengthen the reserves of the Central Bank (BCRA), reduce inflation and give a greater boost to trade.
“The Massa plan has already taken its first steps in fiscal and monetary matters, such as the possible rise in tariffs and an increase in the interest rate. However, measures are still lacking in the most urgent area, which is the exchange market,” said Roberto Geretto of Fundcorp.
“Ruled out a devaluation by the Government, the expectation is that there will be some type of exchange differentiated to certain sectors -agriculture, oil, etc-. This will not be a fundamental solution, but if it is successful it will serve to gain some reserves and thus time” , he pointed.
The Government announced on Tuesday a segmented reduction in subsidies for electricity, gas and water consumption.
“A change in macroeconomic direction will need to be confirmed, as a necessary but not sufficient condition, for the market to once again look favorably on the (bond) segment and the prospects are heading towards (the presidential elections of) 2023” , said Portfolio Personal Investments.
For its part, the country risk prepared by the bank JP.Morgan fell 47 units to 2,371 basis points towards the closure of the local square.
“The set of measures of recent weeks would have a quasi ‘orthodox’ approach in terms of interest rates and adjustment of public accounts, with conflicting effects on the fiscal and quasi-fiscal deficit”, Delphos Investment reported.
official market
For its part, the dollar in the wholesale segment appreciated by 0.6%, to $135.33, with regulation of the BCRA that bought some US$20 million this Tuesday, with which it accumulates acquisitions for some US$40 million in the last four days of operations.
The monetary authority seeks to resume the purchase of foreign currency in the face of the weakness of its reserves and the firm commitments for energy payments. “The current dynamic is unsustainable and the outcome with some kind of measure in this area should not be very far away. We do not think that the discreet jump is the option at hand, far from it. But something will have to be done, and soon”estimated the StoneX brokerage.
“The disorder of the economy has to do with the gap. It generates all the perverse incentives for you. A gap of 50% is not the same as one of 120%”, said the economist Andrés Borenstein.
In this context, the savings dollar or solidarity dollar-which includes 30% of the COUNTRY tax and the deductible 35% of Income Tax and Personal Assets- increased $1.50 to $234.98.
In turn, the tourist dollar or card -retail plus COUNTRY Tax, and a perception of 45% deductible from Income Tax and Personal Assets- it rose $1.59 to $249.22.
Source: Ambito
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