The free dollar advanced $1.50 this Wednesday, reaching $199.50, after having recovered $3 the day before, as a result of the resurgence of demand amid noise in the market due to official attempts to promote a new tax on the unexpected income and the announcement of the injection of more than $200,000 million for consumption through the payment of an extraordinary bonus intended to offset the income of retirees and low-income workers in the face of accelerating inflation. The stock market experienced a slight rise and bonds in dollars traded mixed, taking the country risk to 1,688 units.
The informal dollar reacted on Tuesday after spending a week at a six-month low, at $195. Yesterday it won three pesos and today it rose $1.50 more amid changes in the expectations of savers and investors, given the delay of the currency due to the advance of inflation and the precautions before the announcement that the Government will put more money in the street in the form of social assistance.
The rise of blues did not happen alone. The MEP dollar climbed around 17 to $194.92, or 2% on the day. The counted with liquidation, meanwhile, reached $194.66 with an advance of 1.9% on the day.
“The economic announcements woke up the financial dollars, from coverage after the recent retraction and a possible greater monetary issue, but even so it would still seem that the carry-trade would continue to command, so the movement of these references should be limited for now”, analyzed the economist Gustavo Ber.
In the wholesale exchange market, the peso rose 18 cents to $113.96 per dollar in depreciation regulated by the Central Bank.
The official dollar price closed today at $119.15, with a rise of 12 cents compared to the day before. Thus, the dollar with the 30% surcharge -contemplated in the PAÍS tax-, marked an average of $154.89 per unit, and with the advance payment on account of the Income Tax of 35% on the purchase of foreign currency, $196, 60.
Market sources estimated that the monetary authority ended today with a negative balance of 35 million dollars. In this way, the international reserves of the BCRA closed the day in USD 43,135 million.
Meanwhile, the volume traded in the cash segment was USD 222 million, in the futures sector of the Electronic Open Market (MAE) operations for USD 70 million were registered and USD 522 million were traded in the Rofex futures market.
“In the first three days of this week, the wholesale exchange rate advanced ninety-nine cents and, with two days to go to finish it, it threatens to exceed the final correction of the first week of the month,” said Gustavo Quintana, operator of PR Exchange Brokers.
In this sense, he added: “Authorized demand was much more active today, dominating the development of operations and forcing the Central Bank to intervene with sales in the market to meet the lack of foreign currency. The accumulated figure for the month now falls to some USD 130 million of net purchases and again casts doubt on the possibility that at the end of April the intervention balance will improve the results of the previous month”.
For its part, the Buenos Aires stock market traded higher on Wednesday against foreign markets linked to the decline in US bond yields and domestic attention for economic and political issues.
Galloping inflation, tensions in the government coalition and the proposal for a new tax to support social assistance add to the doubts that the country can meet the goals agreed with the International Monetary Fund (IMF) after the renegotiation of debt for about 44,000 million dollars.
The stock index S&P Merval closed in the area of 92,559.34 points, with a rise of 0.6%after advancing 0.88% the previous session.
“The more cautious recent external climate, together with domestic political noise and the new economic measures, would be interrupting the greater independence and recent firmness of domestic assets,” said Ber.
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“Among the ADRs and Argentine shares listed on the New York market, the losses were distributed in the vast majority of assets. Central Puerto (CEPU), Edenor (EDN), Transportadora de Gas del Sur (TGS) and Supervielle (SUPV) were among the worst performers on the date with returns in dollars that lost up to 4%”, analyzed Javier Rava, director of Rava Bursátil.
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