The dollar rose and peaked after restrictions

The price of the dollar to the public yesterday exceeded $ 59 for the first time since the imposition of restrictions on its demand, after a wheel in which the official bank had to supplement the limited private supply of foreign currency only to avoid an even higher closing of the currency.

The ticket closed at an average of $ 59.07 and $ 56.50 for retail or wholesale sales on a day in which they barely operated just $ 306 million, which is the "lowest amount negotiated in a wheel except the day that coincided with a holiday in the United States, "said operator Gustavo Quintana of PR Corredores de Cambio. This scarce genuine offer "resulted in the need for official bank sales to meet the demand for coverage," he insisted.
"The volume traded fell another 15% compared to the day before yesterday. That shows the apathy that prevails in the exchange market and that extends to the futures market, which for the end of the month position operates with an implicit rate above 100% for 13 days, "agreed Fernando Izzo, of ABC Cambios.

The limited contribution made by the private offer to the market does not surprise analysts.

"In this context, companies are going to sell the indispensable minimum: it must be remembered that the obligation to liquidate imposed on exporters is not retroactive, so it is possible to expect them to feel about the currencies they have today and regulate their sales at outside the needs of minimally financing their local activities, "warns economist Federico Moll, director of Ecolotina, which exposes the country to the risk of facing an upcoming agricultural campaign, for example," very low in investment unless they reverse quickly The expectations".

Smaller gaps

The rise of the ticket in the official square and the decline that re-registered the dollar prices traded through stock assets favored a smaller gap between the different exchange rates. All because the US Dollar (or MEP) approached $ 66, which was 16.7% more expensive than the official one, and the Cash with Liquidation (CCL) was slightly below the $ 69 (+ 22%, when the difference had exceeded 30% only a few days ago).

The day also left a new cut of 55 basis points in the reference rate of the economy, something that is facilitated because the banks have shown less interest for days to renew the investments they have in Letters of Liquidity (Leliq) and began to migrate some of them to placements in countries, perhaps to be able to count on a more immediate availability of pesos, in case they came to require it, or for fear that this debt could soon be affected by some exchange.