In the middle of a strong exchange rate pressure in the blue market, The future dollar that is operated in the Matba-ROFEX market fell sharply in all terms of 2023 this Monday, July 24, for which the expectations of devaluation of the peso were moderated, after the Government will announce measures that seek to strengthen the reserves of the Central Bank (BCRA). It happened on a day when andThe BCRA bought US$65 million (positive balance of US$123 million and negative balance of 410 million yuan).
While waiting to know the fine print of an agreement with the IMF, the Government announced the application a special exchange rate of 340 pesos per dollar, from the previous 300 pesos, to promote exports from regional economies. Besides, generalized the PAIS Tax from 7.5% to 25% for goods and services, with certain exceptions.
But the focus of market attention It was placed in the parallel markets of the dollar, where the blue jumped from $21 to $550.
Although, on the contrary, The dollar in the futures market registered general falls, between $1 and $7, while in the spot market it rose $1.55 to $271.
“The fall in futures was due to a risk issue. The changes implemented by the foreign trade side impacted dollar-linked instruments and Rofex contracts, with an increasingly testimonial official dollar, it loses coverage and investors can go the other way: CER or hard dollar,” economist Amilcar Collante told Ámbito.
Indeed, by the end of July, the currency was down $1 to $276.55, while by the end of August gave up $3.80 to $314.
Already for September, the dollar fell $2.50 to $348.50, while for the purposes of October fell $5.20 back to $389.80.
In the remainder of 2023by November, it was down $5.90 to $427.10, and by the end of the year it was down $2 to $496.
Looking ahead to 2024, there was only one rise for the month of February, which advanced $1.90 to $596.90, while for the month of May it sank $7 to $703.
Source: Ambito
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