The dollar advanced on Tuesday almost 40 cents and closed at $43.78 in agencies and banks of the City of Buenos Aires, thus prolonging the change in trend initiated at the beginning of the week, when it climbed just over 50 cents.
This phenomenon is repeated in the Single and Foreign Exchange Market, where the wholesale dollar closed at $42.46 for the purchase and $42.66 for the sale, that is to say, twenty-six cents above the values recorded in the previous end.
Gustavo Quintana, of PR Corredores de Cambio, stressed that “the buying trend was maintained yesterday, with an active demand that drove a new advance in dollar prices.”
“The official activity in the futures markets softened the upward curve of the exchange rate in the wholesale segment, somewhat limiting the second consecutive rise in prices,” Quintana said.
Tuesday’s wheel seems a continuity of Monday’s, when, given a shortage of supply, the greenback rose 56 cents and recovered in a single wheel the cumulative fall of the last two weeks.
It was in tune with the wholesale segment, where the currency rose 80 cents to $ 42.40, in a wheel in which the Central Bank validated a new drop in the monetary policy rate, the lowest since March 11.
Among the factors that explain the sudden rise of Monday include the following: to a large extent a marked contraction in the level of supply of agro-exporters, and at the same time, the reappearance of the demand for coverage, amid a surplus of liquidity of pesos, along with the market perception of a “somewhat lagging” dollar price .
From ABC Mercado de Cambios they pointed out that the escalation registered in the MULC “reflects the lack of liquidity of the market, which with only $ 27 million traded on closing, the currency rose 40 cents” due to the shortage of agricultural supply that “there will be liquidated about $100 million.”
For his part, Quintana warned that “although a correction that at some point would temper an incipient exchange delay process was expected, it does not seem very desirable that the price update be carried out abruptly, a factor that sometimes generates some disturbance in the market.”