The rise in the price of the bill so far this year has taken it from $37 to a value it has not reached for more than two years.
He dollar It has been breaking its annual record for three days in a row and reached 41,677 pesos, according to the exchange rate. Central Bank of Uruguay (BCU), in an escalation that led it to exceed 41 pesos and raises the possibility that the bullish rally I took it to 42 pesos, but… how long has it been since the greenback reached that value?
To find a date on which the dollar was above this level, we must go back more than two years to July 15, 2022, when the US currency was quoted at 42.116 pesos, and then fell below that range the following day.
Something similar happened on April 7 of that year, when it also touched 42.059 pesos for one day. However, to arrive at a continuous period in which the dollar moved in that range, we have to go back even further, since it was in that range for a month between February 21 (42.859 pesos) and March 23 (42.052 pesos).
In fact, on that occasion, the currency traded downwards, as it had started the year at 44.614 pesos and only fell to the 43 pesos range on February 1, to reach the aforementioned value 20 days later.
The strong rise of the dollar in Uruguay
He dollar It has risen 0.19% this Friday to complete a whole week on the rise and reach an appreciation of 2.23% over the last five days.
Added to this is the fact that the dollar has appreciated by 3.33% so far in September, and since it is on its way to its fifth consecutive month of growth from the 37.552 pesos with which it closed in March, it is not surprising that the dollar has improved by 6.80% so far this year.
Is there room for the exchange rate to appreciate further?
He plebiscite of the PIT-CNT and its eventual approval next month represents “a reasonable uncertainty” for investors, as analyzed days ago in dialogue with Scope CPA Ferrere’s Economic Analysis Manager, Nicholas Cichevsky.
The lack of certainty about a rejection of the ballot appears to be a factor that puts pressure on the exchange rate and also generates a greater number of amounts traded, due to the risk aversion of large investors.
However, analysts anticipate that, in the event that the plebiscite is rejected, there are no other factors that indicate a dollar at this value and it could even weaken in the heat of the rate cut cycle of the United States Federal Reserve (Fed).
Source: Ambito
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