The Dollar Cash with Settlement (CCL)-operated with the Global 2030- fell $1.98 (-0.6%) to $306.98. Indeed, the gap with the official wholesale exchange rate was located at 107.1%. The so-called “cable dollar” had just registered a weekly fall of $3.27 (-1.5%), although during September it increased $16.13 (+5.5%).
For his part, the MEP dollar -valued with Global 2030- lost $4.51 (-1.5%) and closed again below the $300 (finished at $297.97). Thus, the spread with the officer reached 101%. During the past week, the so-called “stock market dollar” registered a decrease of 66 cents (-0.2%), but throughout the month it appreciated $19.40 (+6.9%).
In the parallel market, meanwhile, the blue dollar fell $4 (-1.5) to $284, according to a survey by Ámbito in the Black Market of Currencies. Meanwhile, the gap with the official dollar was 91.6%. Throughout last week, the parallel dollar registered a advance of $1 (-0.4%), although during September it dropped $2 (+0.7%).
Parallel exchange rate declines occurred in the middle of a better investment climate after the Central Bank (BCRA) recovered reserves during September thanks to the application of a special exchange rate for soybean exporters.
The Minister of Economy, Serge Massa, was optimistic when announcing that the country met the goals of the International Monetary Fund (IMF) after increasing BCRA reserves. The official said that the measure allowed the entry of 7,646 million dollars to the monetary entity.
“The economic team seems to have been emboldened by the record purchase of reserves and is willing to “take care” of them from now on. From this it follows that there will be no discreet jump in the exchange rate (at least promoted by the government) and that it will be reinforced the “Cepo” everything necessary to manage the purchased reserves”, estimated from Portfolio Personal Investments (PPI).
“The “soybean dollar” widely exceeded the objective by achieving settlements in agriculture (…). Although this gives air to reserves, in the coming months the collateral effects will have to be dealt with: fewer settlements in agriculture and a monetary hangover for more than 1 billion pesos that increased Leliqs’ snowball through BCRA absorption”said Roberto Geretto of Fundcorp. He added that “thus, everything indicates that doubts and pressure in the foreign exchange market will return in the coming months.”
The “political tension, a trap that does not seem to be softening, with the fiscal restrictions to lower inflation, it seems to us that Massa’s gestures and his pragmatism played a positive role so that Argentina moved two steps away from the precipice”, Ecoviews noted. “But these gestures are hardly enough to lower inflation or for GDP per capita to grow in the election year,” she remarked.
The The Central Bank bought US$45 million in the first round with the expired soybean dollar program after the success it achieved in September in terms of strengthening the entity’s coffers.
For its part, the Brazilian market rose strongly after the far-right president Jair Bolsonaro beat poll estimates on Sunday, securing a second round, and global markets improved after the United Kingdom backed down on its plan to cut the highest rate of income tax.
official dollar
The dollar today -without taxes- up 94 cents a $155.19 for saleaccording to the average that emerges from the banks of the local financial system. At Banco Nación, meanwhile, the retail bill earned $1 at $154.25 – without taxes.
The dollar I save or solidarity dollar-which includes 30% of the COUNTRY tax and 35% deductible of the Income Tax and of Personal property– earned $1.78 at 256.29.
The tourist dollar or retail card plus COUNTRY Tax, and a perception of 45% deductible from the Income Tax and of Personal property– advanced $1.89 to $271.83.
The wholesale dollar, directly regulated by the BCRA increased this Monday 91 cents to $148.23. The traded volume fell considerably compared to the days with the differential exchange rate for soybean exporters and in the trading session this Monday it was US$342,278.
Source: Ambito
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