After a sharp decline, the dollar bounces and rises six cents to $ 27.97

After a sharp decline due to calls for tenders and greater supply from the agricultural sector, the dollar rises six cents this Friday to $ 27.97 in the banks and agencies of the city of Buenos Aires according to the 19459003 average .

In the informal place, the blue works steady at $ 28.40 according to the study of this medium in the caves of downtown Buenos Aires. The "cash settlement" yesterday lost 15 cents to $ 27.28.

With the help of Letes tenders and a dual currency bond, with a more robust field supply, the bill dropped by 30 cents and broke through the $ 28 level, picking up the downtrend after marking Wednesday a small rebound of 16 cents.

Thus, it reached its lowest value in over two weeks and accumulated a decline of 5.9% (or $ 1.75) from its record high of $ 29.66 recorded on June 29 latest. 19659002] Meanwhile, in the single and free market (MULC), the dollar fell 16 cents to $ 27.23, due to the offer that investors have filed to deposit in subscriptions Letes and the double bond (the government placed $ 2.152 between the two instruments), taking the time until tomorrow to complete their business.

In addition, exporters further increased their liquidation volume of the soybean crop, exceeding the demand of banks and companies, explained in the market. The offer has also added an additional $ 100 million that the BCRA has put up for auction under the Stand By agreement with the International Monetary Fund. The average price cut was $ 27.0765, the minimum price being $ 27.0510.

"The US currency could not maintain the level reached in the previous session and fell again due to the supply surge in the course of a day with a larger volume traded : 608.6 million dollars (+ 13%), "said badyst Gustavo Quintana

When there is only one day at the end of the week, the wholesale exchange rate accumulates a Sixty-seven cents lower than the values ​​recorded at the end of last Friday, remaining well below $ 28 and below June 27th.

"The financial cost of raising interest rates favors the disarming of positions and the inflow of capital from abroad, a phenomenon that depresses the dollar, a circumstance that repeats the scenario of the other times and which "The bullish vertigo that the dollar had shown in the previous weeks took a break in the last days, especially after the monetary compression that the central bank established. "

" This was the urgent and important thing that the market needed, the next step would be to lower rates a bit. Letters of this Wednesday there was a drop that was expected from the placement of treasury bills, and the double bonus was placed a better number than expected by the market, which shows two very different types of investors, "he said. said Matías Roig, director of personal portfolio.

In the face of soaring interest rates, the market recommends allocating a portion of the capital to invest in these BCRA instruments. "With a rate scenario of stable change, we recommend customers to take Lebac to a percentage with which they feel comfortable, which can be 10% or 20%, especially for those who must have available pesos. In this sense, there is no instrument that today can compete with Lebac, "suggested Roig

. Call money has risen to extremely high levels: 63%. At the same time, LEBAC rates on the secondary market have maintained their performance, setting at 6 days at 60.80%, 34 days at 51.7% and 69 days at 49.75%.

The ROFEX futures market, meanwhile, was operated for $ 455 million, of which 60% was agreed between July and August with final prices at $ 27.95 and $ 29.05, respectively, and rates of 50, 80% and 48.79%. Futures contracts resulted in average losses of more than twenty cents, accompanied by lower rates.

Finally, the central bank's reserves fell by $ 139 million on Wednesday to $ 60,545 million. [ad_2]
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