On the first day of the exchange control, the dollar fell to $ 58.41

The dollar fell $ 3.62 on Monday, at the start of the exchange control established by President Mauricio Macri and which fundamentally conditions the big players in the market.

The depreciation of the North American currency took place in a session of little operations and in which there were no external references by the holiday in the United States.

The first half of the day was characterized by extreme volatility: the greenback opened with a significant jump and led to offer over $ 65, although later, due to the absence of demand, it undertook an upward direction with which it ended at $ 58.41 for sale on the screens of exchange houses and banks.

Even in some entities such as Banco Nación, the dollar ended at 56.95 for the acquisition by electronic means.

Favored by the Wall Street holiday, the official regime to prevent large companies from acquiring foreign currency for hoarding managed to deflate the wholesale dollar: it fell $ 3.51 to close at $ 56.

"The low activity and the impossibility of arranging operations to settle on the date showed the dollar with strong setbacks that took it to levels last Tuesday," said exchange operator Gustavo Quintana, who also highlighted the limited volume negotiated in the working day.

In this regard, he indicated that the “cash segment moved US $ 84.247 million (just 48 percent of what was negotiated last Friday) and that there were no transactions in the futures of the Electronic Open Market, where banks and large companies move Business.

"Only from tomorrow will the picture be cleared and a more complete projection of the impact of the measures on the prices of the wholesale dollar will be available," Quintana warned.

The Central reinforced the pressure with the rates

The Central Bank led by Guido Sandleris opted on Monday to redouble its indirect pressure through a new rise in interest rates offered through the Liquidity Letters (Leliq) in pesos and seven days.

The monetary authority enabled a rise of 2,015 percentage points in these annual yields, which in their average version culminated in 85,275%, a new historical maximum. However, the BCRA awarded $ 246,623 million of the $ 321,815 million due today.

The measures in debut

President Macri imposed with a Decree of Necessity and Urgency (DNU) an exchange control to prevent large companies from buying dollars for treasury and established that exporters have to sell the currencies resulting from their exports in the local market within a maximum of 5 business days after payment or 180 days after the shipment permit (15 days for commodities).

Although more flexible, exchange control also applies to natural persons: they cannot buy more than US $ 10,000 per month and also do not transfer funds from accounts abroad of more than US $ 10,000, per person per month.