The financial dollar rebounded strongly, but accumulated its second consecutive weekly fall

He financial dollar rebounded strongly this Friday, May 5, but he accumulated his second consecutive weekly drop. For his part, the MEP also closed higher, but it was down about $13 between Tuesday and Friday, and ended below the Cash with Settlement (CCL), after surpassing it at the beginning of the week. All this happened within the framework of the last restrictions set forth by the National Securities Commission (CNV), which seek to keep the exchange rate gap at bay after the strong jump observed in April.

In that context, the CCL dollar -operated with the GD30 bond in the Price-Time Priority segment or PPT– rose $19.82 (4.7%) to $440.61. That way, cut a streak of five consecutive days down. Indeed, the spread with the officer was located at 94.7%. In turn, the dollar CCL SENEBI -bilateral negotiation- increased $6, at $456.

In the short week the so-called cable dollar posted a drop of $12.65 or 2.8% in the PPT segment.

For his part, he MEP dollar o Stock Market -operated with the GD30 bond in the market PPT– it advanced $2.16 (0.5%), to $432.35. Thus, the gap with the official reached 91.1%. Meanwhile, the dollar MEP SENEBI appreciated by $5 to $447.

Between Tuesday and Friday, the also called stock market dollar registered a decrease of $13.01 or 2.9% in the PPT segment.

Find out more – I followed the price of the blue dollar, official, CCL and MEP in Argentina

In the parallel market, meanwhile, the blue dollar increased $1 (+0.2%) and ended at $469 for saleaccording to a survey of Ambit in the parallel market. It is the same price as a week ago, ending a streak of three strong weekly gains.

Context

The implementation of a differentiated dollar for agro-exportersin order to support the BCRA coffers, did not meet government expectations and analysts agree that net reserves could be in negative balance.

“There is a failed ‘soybean dollar’ (…) And that is why reserves are used and bonds are blown up (sold) to intervene, plus the rise in interest rates” to decompress the market, he said Marina Dal Poggettoeconomist of EcoGo.

“All this contained the run (recent exchange rate), generates a bit of air, but a lot is missing before the closing of the lists and the primary (elections) in August. Actually There are not too many instruments to sustain such a quantity of pesos” in dance, he added.

Amid growing economic doubts The Government seeks a new flexibility of goals and disbursements with the IMF in order to give financial peace of mind.

Last Thursday, the international reserves of the Central Bank fell to u$s34,130 millionafter a payment to the International Monetary Fund (IMF) for about US$700 million and commitments were fulfilled energy payments. The current level is similar to those recorded in October 2016.

A historic drought that began in May 2022 and ended at the beginning of last March wreaked havoc on the country’s agricultural production and severely hit exports and the income of fresh currencies.

In a quiet exchange round, the wholesale dollar fell a controlled 0.24%at $226.25, thanks to the regulation imposed by the BCRA. The monetary entity closed the day with a positive balance of just US$2 million in his speechalthough lost $274 million in the week.