For its part, the regulated MEP dollar exceeded $ 180 for the first time (spread of 80.2%), while in the segment not intervened by public agencies it closed below $ 205 (gap of 105%).
“The freest references (in the exchange market) continue to act as a ‘thermometer’ and reflect the search for coverage of economic agents in the current climate of uncertainty”, said Gustavo Ber, economist at Estudio Ber.
Meanwhile, the drainage of net reserves remains at the center of attention, since the market sees that its dynamics are not sustainable. “Given the current situation, the possibility of measures after 14-N grows, as well as definitions of the slow rate of ‘crawling-peg’ in the official dollar”, Ber added.
In fact, this Wednesday the BCRA ended with net sales of approximately $ 85 million, so it accumulates a negative balance of about 150 million dollars in the month (although still somewhat below what was sold in the first days of the previous month).
With a smaller presence of exporters, foreseeable at this time of year, the BCRA has sold about US $ 150 million in the month. “Se expects the trend to reverse in the second half of the month “, say sources close to the monetary authority. In October, for the first time in the last decade, the BCRA ended up with a buyer balance of about US $ 200 million. In the accumulated of the year, purchases exceed US $ 6.2 billion
In the parallel market, for its part, blue dollar reached a new historical nominal record, according to a survey of Ambit in the Black Market of Foreign Currency. The parallel dollar increased $ 1.50 to the unpublished $ 199, so the The gap with the wholesale exchange rate, which is regulated by the Central Bank, stood at 99.2%, a record since November 20, 2020.
“The scenario for investors is getting complicated ahead of the legislative elections. Nobody knows if after the elections things will get better or worse, with the exchange rate in sight,” said Ariel Manito of Portfolio Personal Inversiones. “It is difficult to know what exchange rate is high or low in Argentina today”, added.
“There is no certainty in anything. Nor is there a plan that indicates how to get out of the stocks and narrow the gap, nor is there a consensus among the coalitions. And it is precisely this lack of certainty that generates volatility in the market”, explained.
Investors’ political doubts are accentuated amid high inflation, estimated at 50% by 2021, exchange controls, a growing fiscal deficit and slow negotiations with the IMF for a debt of about 45,000 million dollars.
In the global context, the announcement by the US Federal Reserve that it will begin to cut its monthly bond purchases in November with plans to finish them in 2022 also kept the attention of market agents.
Official dollar
The saving or solidarity dollar -which includes 30% of the COUNTRY tax, and 35% on Profit account- increased this Wednesday four cents to $ 173.88, Since the Retail dollar rose two cents to $ 105.36 -without taxes-, according to the average of the main banks in the financial system. In turn, the retail value of the US dollar it remained at $ 105 in Banco Nación.
In the wholesale market, the currency advanced five cents to $ 99.91, with an increase in the volume traded, exceeding the average of the first days of the month.
The US currency again traded with sustained and demanding tone, but as always, with prices stabilized around the parameters set by the Central Bank.
The lows were recorded at $ 99.90 shortly before the start of the session, four cents above the previous end. The authorized purchase orders, destined mainly to the payment of imports, generated a smooth upward slide in prices that reached highs at $ 99.92 in the middle of the morning, they described in the market.
The monetary authority actively participated in the development of operations, fundamentally to meet with sales the lack of supply in the market and to limit the evolution of prices that, at the end, settled just one cent above the minimum of the date.
Source From: Ambito
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