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Sunday, June 7, 2020

The tourist dollar rose 3.6% in March, amid strong regional devaluations by COVID-19

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The same result is observed in the price of the retail dollar, which closed March at $ 66.58 after rising 14 cents in this last round.

The ticket accompanied the Single and Free Exchange Market (MULC), where the currency also advanced 3.6% to $ 64.47 in March. In that same period, the real lost more than 13% against the US currency.

It happened after that on this wheel the coin rose six cents on a wheel in which private supply re-coupled and allowed the monetary authority to make purchases (Sources estimate that it acquired close to $ 50 million) to sustain the price at the lows of the day.

The lows were recorded with the first operations formalized at $ 64.47, just one thousandth of a peso below the reference value set by the monetary authority. As it happened in the last days, the private offer was prevailing in the development of the operations, subrogating the Central Bank to attend the authorized purchase orders.

Punctual purchase orders touched maximums at $ 64.47, without implying additional pressure on the market. The monetary authority took advantage of the better flow of income with purchases that held the price around the lows of the date. The operated volume rose 7% to u $ s224 million.

“The North American currency continues to slide monotonously – under the BCRA regulation – and so it registered a slight rise, oblivious to the higher rate of depreciation that emerging currencies go through,” said economist Gustavo Ber.

He added that “the gaps continue between comings and goings, ‘drawn’ between the greater transactional need for pesos of economic agents during the quarantine, and on the other hand with operators seeking to take advantage of their retraction to reinforce dollarization in a scenario of higher monetary issuance “

The call continued to decline, operating at 10%. The exchange swaps totaled a total of 22 million dollars, to take and / or place funds in pesos, through the use of buying and selling dollars for next Wednesday.

The analyst Gustavo Quintana indicated that “the questions derived from the restrictions imposed by the expansion of the pandemic, open great questions about the evolution of the financial variables from April, preventing projections on the level that the price of the dollar will reach in the months to come. “

World

The dollar appreciated this Monday against the world currencies, ending a series of falls, because investors prepare for a prolonged period of uncertainty while governments tighten quarantines and launch stimulus measures to fight the coronavirus.

In this way, the euro it depreciated 0.9% at u $ s1.1 while the pound sterling weakened 0.9% at $ 1.24.

In the region, the currencies also closed in red as concerns grow about the economic impact that isolation measures will have to deal with the spread of the pandemic.

The falls were led by the Mexican peso, which registered a decrease of 3.5% at the close. Meanwhile, the Brazilian real devalued 1.5%.

At the same time, the Colombian peso fell 0.9% in its second consecutive fall, and the Chilean peso closed operations with a 2% depreciation.

Over the past two weeks, the dollar first recorded its biggest weekly rise since the 2008 financial crisis, and then its biggest weekly crash since 2009. Signs of financial stress have eased, but not disappeared, as demand for cash persists.

Blue and dollars stock

The blue dollar closed stable at $ 83.50, with which it rose 6.4% in the month, although the marginal position practically does not register operations given the quarantine ordered by the Government until the end of the month after Easter.

The Cash with Liquidation (CCL) -which is obtained from the purchase and sale of stocks or bonds in order to escape currency- climbed 43 cents to $ 86.92, thus, the gap with the official was 34.8%.

The dollar MEP -which arises from the purchase and sale of bonds in the Buenos Aires stock exchange-, for its part, rose 54 cents to $ 85.96, a value that left a spread of 33.3% regarding the currency listed on the MULC.

Regarding the monthly balance, the CCL registered an increase of 6%, or $ 4.89, while the MEP rose a 6.3%, or $ 5.09.

Futures and reserves

In the ROFEX futures market, US $ 487 million were traded. The terms showed average drops of 0.5%. The months of March and April concentrated almost 5%, operating at the end at $ 64.59 and $ 67.00 with rates of 34.25% and 46.22%, respectively.

Finally, the BCRA’s International Reserves fell this Monday from $ 150 million to $ 43,585 million, after losing a similar figure last Friday. Therefore, compared to the level of February 28, the coffers of the monetary authority lost $ 1.203 billion in the last 30 days.

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