In turn, the MEP dollar advanced $1.39 (+0.5%) to $293.63. Accordingly, the spread with the officer came at 89.3%.
For its part, the parallel dollar increased by $2 (+0.7%) and is trading at $293, its highest value since the end of August, according to Ámbito’s survey of the Foreign Exchange Black Market. Thus, the exchange rate gap with the official wholesale dollar stands at 88.9%.
High inflation -which reached 6.2% in September and is projected to be above 100% for this year-, a high fiscal deficit, exchange rate pressures due to hedging and scarce reserves in the BCRA are points that are currently worrying investors.
“While the economic authorities try to buy time to carry out the process of progressive balance of public accounts as unstable as possible in its economic and social consequences given the difficult situation, the political context does not show favorable signs”, estimated Vat Net Financial Research. “In addition to short-term challenges for investors, the local situation may pose medium-term problems for fund-taking companies,” she added.
A Moody’s report noted that restrictions on companies’ access to foreign currency debt reflect the BCRA’s need to increase its very low reserves and comply with the requirements of the International Monetary Fund (IMF), which among other measures establishes a reserve accumulation goal of 5.8 billion dollars this year.
Deputies discussed this Tuesday the public budget for next year, in a session that is estimated to be very long.
The Minister of Economy, Sergio Massa, announced this Tuesday the Productive Advance Program, to strengthen the small and medium regional producer.
For his part, the risk country measured by the JP.Morgan fell back and pierced the 2,500 basis points.
The monetary entity he was able to buy only 1 million dollars for his reserves this Tuesday, compared to the 3 he took on Monday and the scarce 4 million he managed to accumulate last week.
During September, the BCRA took about 5,000 million dollars from the wholesale market thanks to the validity of a special exchange rate for soybean exporters. “Devaluation expectations are receding, but the exchange rate risk is still present. The devaluation scenarios have not yet completely dissipated. The Government has four very hard months ahead of it in exchange matters,” they said from Cohen.
In the global context, foreign markets showed less risk aversion, which benefited emerging markets, commented operators.
Source: Ambito
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