As the market opened on Monday, October 5, 2026, the wholesale dollar remained at $1,520 for sale, widening its gap with the ceiling of the official exchange band to 26.62%.
The Bottom Line
- Exchange Rate Stability: The wholesale dollar held steady at $1,520, positioning itself well below the $1,924.62 band ceiling.
- Liquidity Tightening: Short-term peso rates climbed toward 24% as official interventions and bond sales absorbed liquidity from the system.
- Reserve Accumulation: Gross international reserves surpassed $48 billion, bolstered by accelerated central bank foreign exchange purchases in early October.
Wholesale Dollar Stability and the Exchange Band Gap
Following a week of losses, the official exchange rate recorded its second day without increases, pushing the distance to the band ceiling to a yearly high. The wholesale quotation held at $1,520, while the upper boundary of the system stood at $1,924.62.
Alternative domestic exchange rates reflected similar stability across the board. Meanwhile, the informal blue dollar traded flat at $1,550 for sale, while the crypto or Bitcoin dollar closed at $1,604.56. Retail figures from the Banco Nación (BNA) showed the minorista dropping $5 to $1,540 for sale, with a purchase price of $1,490, bringing the tourist-adjusted card dollar down to $2,002. In the financial sector, the average reported by the Central Bank established the retail currency at $1,540.24 for sale.
Short-Term Rates Climb Following Official Sales
The average weighted TNA (Nominal Annual Rate) for call money climbed to 23,7%, registering a 160 basis point jump over a single session and sitting 330 basis points higher than the 20,4% recorded a week prior. The overnight repo rate, excluding the Central Bank, finished at 23.9% TNA with a 200 basis point increase.
Portfolio Personal Inversiones (PPI) analysts noted that the upward pressure on rates stems directly from official sales of dollar-linked instruments. These operations remove pesos from circulation faster than central bank purchases in the Mercado Libre de Cambios (MLC) can inject them back. Consequently, banking sector repo stocks with the Central Bank dropped to $0.9 trillion, hitting their lowest level since August 20.
| Exchange Segment | Closing Price (ARS) | Daily Variation / Spread |
|---|---|---|
| Wholesale Dollar | $1,520.00 | 26.62% below band ceiling |
| Retail Dollar (BNA) | $1,540.00 | -$5 |
| MEP Dollar | $1,538.39 | 1.2% gap vs. official |
| Contado con Liquidación (CCL) | $1,606.41 | 5.5% gap vs. official |
| Blue Dollar | $1,550.00 | Flat |
Central Bank Reserve Accumulation and Trading Volumes
Despite tighter domestic liquidity, the monetary authority accelerated its pace of foreign exchange acquisitions. Gross international reserves climbed past the $48 billion threshold, driven by consecutive daily purchases in the MLC. The Central Bank acquired $35 million on Monday, pushing its positive inventory for the first two sessions of October to $128 million. Total purchases for 2026 reached $14,696 million, while the weekly net balance climbed to $369 million, marking the highest figure since July.
Economist Javier Giordano pointed out that traded volumes contracted during the session. Spot market turnover dropped to $413 million, marking the lowest level since November 7 and falling short of the October average of $518 million. Trading in sovereign dollar-linked instruments continued to thrive, with the D30O6 and D30N6 series moving over $115 million in the T+1 PPT segment. In futures operations, the Central Bank roló u$s256 M de los u$s1.050 M de interés abierto que vencían, equivalente al 24,4%.
:quality(70)/https://cdn.eleco.com.ar/media/2025/10/dolar_1.jpeg "Photo: El Eco")
Market Outlook for October Contracts
Future exchange rate contracts reflected minor downward adjustments across near-term maturities. Futures contracts registered declines of up to 0.3%, with market consensus projecting the wholesale rate to land at $1,540 by the end of October and edge toward $1,597 by December.
