As anticipated Ambithe official dollar rose $3 (0.82%) to $353 and returned to a daily adjustment regime called “crawling peg.” According to operators in the first position of the day in the wholesale market It is offered at $350.05 at the selling point, almost $3 above its Tuesday price.
This happens after three months passed on Tuesday since the exchange rate adjustment of 17% applied to the Argentine peso in the official market, a measure taken the day after the primary, open, simultaneous and mandatory (PASO) elections in August.
On October 18, through his account on the social networkGabriel Rubinsteinpointed out that as of November 15, the “crawling peg” would be resumed with a gradual adjustment “of 3% monthly.”
Dollar: the objective of the defrost
The Government’s objective is maintain the exchange gap or even reduce it, but any decision is subject to the election result next Sunday. The measure was also contemplated in the reformulation of the agreement with the International Monetary Fund (IMF).
The new price had already been established in the operations that had been agreed yesterday after the markets closed.
The 1% correction was already discounted by market agents, that now they will look closely at every signal that the Central Bank gives.
Analysts’ view of the official dollar
In that framework, the economist Federico Glustein points out that “it is likely that the rate of dollar appreciation resume the previous path, that is, move in line with inflationnot for December, but if Massa wins the elections” and suggests that we have to wait to see how it will evolve in the last month of the year.
In the same sense, the analyst Natalia Motyl foresees that this is a step so that after the elections the rhythm of crawling peg.
What Andrés Reschini, from F2 Financial Solutions, adds that this adjustment of the official dollar does not imply a significant change and anticipates that “the doubts lie in what will happen from December onwards after the runoffwith the new IMF review and under new management.”
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