Dollar Quote Rises 3.5%: $1450 Update
- The first day after the Central Bank clarified its policy regarding the cessation of official dollar sales through digital wallets, exchange rates began to shift.
- At Banco Nación, the retail dollar closed at $1400 the previous day and opened on Wednesday at $1450.
- Yesterday, the exceptional liquidation of agricultural products ended after the temporary elimination of retentions.
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Argentine Peso Fluctuations: October 2023 and Beyond
The Shift Following Central Bank Clarification
The first day after the Central Bank clarified its policy regarding the cessation of official dollar sales through digital wallets, exchange rates began to shift. Quotes started in October, marking the end of a period of currency flooding caused by the recently announced zero-retention window.
At Banco Nación, the retail dollar closed at $1400 the previous day and opened on Wednesday at $1450. This represents a daily increase of $50,or 3.5%.
Exchange Rate movements: Wholesale, MEP, and CCL
“Today another phase begins on the exchange front. Yesterday, the exceptional liquidation of agricultural products ended after the temporary elimination of retentions. With 17 days remaining until the election, the supply of currencies in the MULC (Mercado Único de Cambios) is expected to decrease. The market will be attentive to whether the wholesale exchange rate approaches the upper limit of the band, prompting intervention from the Treasury or the BCRA (Central Bank of Argentina),” according to Facimex.
The wholesale dollar, according to specialized stock markets, is trading at $1424.73. The Central Bank reported a closing rate of $1366.58 on Tuesday. This represents a jump of $45.04, or a 3.26% increase so far.
Financial dollars are also experiencing a bullish trend. The MEP (Mercado de Permuta) is quoted at $1517.49,$20.47 (1.6%) above Tuesday’s closing price. concurrently, the cash-settled dollar (CCL) reached $1565.08, a daily increase of $23.