With more relaxation in the region and new deals, the dollar sank 53 cents to $ 28.05

11/07/2018 –

The recovery of other regional currencies and the monetary corset of the national government, which retains all its influence, have caused a further decline of the dollar on the local market: Bank collapsed 53 cents to $ 28.05 in the average banks and agencies of the city of Buenos Aires. This brought relief and raised the hope that the week will go with "peace of mind" with regard to the exchange rate.

The bill has accumulated its third consecutive decline and has moved in line with the simple and free trading market, where the currency has fallen 53 cents to $ 27.37 for disarming positions that have occurred in accordance with regional currencies.

The North American currency has operated with a striking weakness since the beginning of the day at the wholesaler, experiencing setbacks that have had few moments of recovery.

The highest values ​​were recorded shortly after the start of the session, at $ 27.85, five cents less than the previous closing record. The disarming of positions and overseas income have had an accentuated dominance in the development of operations causing falls in the quote that halted when it hit minimums in the $ 27,225.

A slight recomposition of demand verified at the beginning of the last part of the day allowed a slight re-composition of prices that failed to reverse the weakness exposed during the day.

"The recovery of other regional currencies and the improvement of the euro's parity against the US dollar also helped to close a more relaxed climate and exert less pressure on the exchange rate "said badyst Gustavo Quintana.

He added that "the monetary corset retains all its influence at the local level and in a context of declining turnover makes the transitional tranquility of the exchange rate observed in recent days easier, without it signifying a change important factor which ensures the permanence of current conditions in time. "

Factors at the bottom

Three factors contributed to this sharp decline. The currencies of the region appreciated strongly against the greenback, despite its stability against a basket of reference currencies. The real is appreciated by 1.8%, the Mexican peso 1.4% and the Chilean peso 0.8%

In second position, investors were attentive to another investment of Letes del Tesoro and bonds.

Letters that are filed until today are a section in dollars, which is a reopening of the title, with a duration of 210 days, with a deadline on February 8 of the year. 39, the following year. Another reopening of dollar bills, with a duration of 378 days, scheduled for July 26 of next year, will also be presented.

Similarly, the Department of Finance will issue a double bond on Wednesday, which can be subscribed in pesos or dollars.

Third, the Central Bank again auctioned daily with dollars from the Stand By agreement with the International Monetary Fund (IMF). The amount granted was $ 100 million. The average price of the cut was $ 27.5268, with the minimum price of $ 27.4800