Yesterday, the dollar continued its momentum last week and rose $ 1.45 to close $ 39.97, According to the average of the central bank. One day he gave Jump of 3.63%. In some banks the currency at the retail level has climbed over $ 40, although in Nation it closed at $ 39.90. Thus, the North American currency returned to touch the price it had in the first week of October, when the management of Guido Sandleris in the central bank started the program of IPO bands launched.
On October 1 the dollar arrived $ 40.73, The highest value to date during Sandleris management. After minor losses in the following days, on October 4 closed at $ 39.44. And from there he began to slide towards $ 37 in the area.
Yesterday morning, the dollar fell 7 cents against closing on Friday, when it increased more than one peso to close at $ 38.50. But as the hours passed The trend reversed And showed that the week in which the G20 will begin to be framed by a whirlpool.
This rise in the dollar has put an end to the stability that the currency has shown in recent weeks. The advance of the dollar is pushed by Uncertainty It was hitting the market in recent days. Specifically, the new jump that gave the country a risk, that after the slump that was in November, when it seems to settle in the region of 600 points, Climbed again to 700 points.
This rebound is explained by what is happening with the Argentine bonds that continue with high rates of return, suggesting that the doors of international financing remain closed for the country.In addition to that last auction of Lebac last Tuesday, in which the center did not replenish $ 120 billion, Now click the dollar.
With this rebound of the currency, the wholesale exchange rate was at $ 39.05, almost 4% above the floor of the band to issue. In the last five wheels, The dollar gained 7.2%. Yesterday there were cash operations for $ 723 million, well above last week's average, around $ 500 million a day. The MAE futures market was negotiated with $ 219 million.
The Argentinian peso moves in the same direction as other currencies in the region. In Brazil the dollar strengthened by 2.48% against the real, while the Mexican peso fell by 1.15%. The "Brazil effect" was the reason they chose the treasury to explain why the dollar rose for the fifth straight day.
"Brazil is dragging us, But we are calm because it was already clear that the policy of exchange bands works, "they said in the environment of the Minister Nicholas Dujovne.
On October 1, the Central Bank came into force and the IPO system band undertook Do not interfere As long as the currency moves within these limits. Today these bands range from $ 35.89 to $ 46.45.
For the Gustavo Quintana operator, PR Cambios, the rise of the dollar in recent days is due to "demand strength and lack of success of the proposal."
For economist Martin Alfie, of radar consultants, "amplitude between the floor and ceiling of the band causes that, in the case there is a" mood change " High volatility. There is a 30% difference when BCRA can not buy or sell. "
Matías Roig, director of personal investment portfolio, notes that the rise in the currency is "as a result of Excess liquidity M of the turnover of Lebac, which is consistent with the compensation of the end of the month, as well as the continuing decline in interest rates of liquidity accounts (Leliq) of the central bank.
The eyes of the market are placed on the decision that the central bank will make regarding rates. Yesterday the monetary authority Lalik's rate dropped again, The device that replaced the almost-extinct Bek, to 61.23% from 61.40% on Thursday, with a position of $ 134.579 million.
Yesterday, the international reserves ended on Amounted to $ 51,591 million, 145 million less on Friday.