The dollar drops 40 cents, with the market expected to trade Lebac by Letes

The dollar in Banco Nación dropped 40 cents to $ 28.40 in its first operations, pending the offer of a new series of Treasury bills (Letes) in dollars which will expire on July 26, 2019.

In the MULC, the wholesale dollar also fell by 40 cents to $ 27.90 per unit for sale.

The retail dollar traded at $ 28.70, 33 cents below its previous close, according to the average made by the Central Bank on the basis of the different financial entities of the city of Buenos Aires.

With a price of $ 29.30, Banco Galicia is the entity that sells the most expensive dollar.

In today's auction, the Central informed that the amount awarded was 100 million US dollars. The average price of the cut was $ 27.84, the minimum price being $ 27.80

Yesterday, contrary to the latest wheels, the dollar started the month of July with less upward pressure. The exchange rate lost 60 cents in the retail market and 55 cents in wholesale trade thanks to a new strategy of the Central Bank (BCRA).

The monetary entity yesterday announced a further increase of the bank's reserves in pesos 3 percentage points, and an exchange of Lebac by Letes planned for the auction today.

The novelty of this offer is that the subscription can be made in pesos, dollars or Lebac. Thus, the portfolio led by Nicolás Dujovne seeks to encourage the disarmament of Lebac in favor of the other instruments .

In addition, the entity intervened on the secondary market of Lebac and increased the rate to 51%. There, the Central Bank placed $ 4,000 million between August, September and October with rates between 51% and 49%.