The great novelty of the week was the decline of the official wholesale dollar, which fell 34 pesos (a decrease of 5.3 percent) and closed Friday by 1136 pesos for sale. It is the first weekly decrease since the flotation scheme with bands and flexibility of the headache, in mid -April. It is also the first weekly decline since November 2023.
The official retail dollar was 1,166.96 pesos for sale, according to the average of the financial entities reported by the Central Bank. In the National Bank, the exchange rate closed in 1150 pesos for sale. The Blue, meanwhile, rose 10 pesos and closed in 1175, although it remains below the 1200 pesos psychological threshold. The government bets everything or nothing to lower inflation appreciating the dollar.
The gross reserves of the Central Bank increased and closed on Friday by 38,155 million dollars, thus cutting a seven consecutive leaves of casualties. According to official sources, this increase responded to the rise of gold contributions and some currencies that make up the stock of reserves, in addition to a currency income from the outside. Despite this punctual improvement, in the week there was an accumulated fall of 805 million dollars and, since April 28, the total decrease reaches 1,124 million.
The exchange rate movement had a strong impact on Wednesday, when the wholesaler fell 70 pesos in a single wheel. According to market operators, this decline was given by sales of the Central Bank in the futures market, added to a lower demand for seasonal dollars and an incipient increase in the offer by agriculture.
Market analysts explained that there was a large sale of future dollar from the Central Bank. The demand for dollars usually rises at the beginning of the month for savings issues, but is already ending. “At the same time, a greater liquidation of the field that had been delayed by the rains begins to be noticed. The dollar will move closer to the lower band than the superior,” they said.
Meanwhile, financial dollars also rose. The MEP closed at 1144.11 pesos, while the one in cash with liquidation reached 1159.25 pesos. The gap with the officer was reduced to 2 percent thanks to the rebound of the wholesale exchange rate. In the futures market a low volume was operated, around 991 million dollars, which contributed to lower pressure on the contributions.
In the stock market, Argentine actions lived a positive week, especially in Wall Street. The roles of local companies that are quoted in New York rose to 8.8 percent, as was the case of Central Puerto. Edenor (+4.5 percent) and YPF (+6,1) also stood out. In the Buenos Aires Stock Exchange, the S&P Merval climbed 2.6 percent in pesos up to 2,114,385.52 points. Measured in dollars, it rose 2.4 percent to 1824 points, the highest level in almost two weeks.
Among the leading actions that rose the most are Central Puerto (+8.6 percent), Edenor (+8.1 percent) and YPF (+6.3 percent). In the weekly accumulated, the leading panel earned 3.8 percent in dollars and 0.6 percent in pesos. In contrast, sovereign bonds in dollars closed the week with more disparate results. The country risk fell to 678 basic points.
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