The dollar escapes the rate | The currency has risen to 2 …

The dollar closed yesterday at 28.34 pesos, up 17 cents. This week's Lebac offer left more than 135 billion pesos in circulation and boosted the currency tension in the city. Public banks, given the Central Bank's inability to intervene directly, offered currencies to try to contain the rises. Operators have estimated that Banco Nacion and Banco Ciudad of Buenos Aires have delivered about $ 250 million to avoid a more pronounced rise in the currency. The monetary authority, for its part, has paid $ 100 million into its daily auction and has already accumulated losses of $ 2,100 million as of June 25, when the auction began. In turn, the most impressive data was the decline in international reserves of $ 1031 million, ending up at $ 59.919 million.

The wholesale exchange rate was 27.60 pesos, with an increase of 5 cents. The volume operated was $ 800 million, with an increase of 44% over the previous day. It was the second most important figure up here this month. The interventions of the public bank were made in the last hours of the wheel when the wholesaler had exceeded the 27,70 pesos and highlighted the concern of the government for a new leap in the currency. The badumption of the authorities is that the dollar increases of the last months have generated a "toxic" effect on financial badets (mainly bonds and equities) and that it is urgent to regain some stability in the exchange rate. to enable a stock market rebound and reduce country risk. in the last three months it has increased by almost 300 basis points.

The new management of the Central Bank considers that the way to reduce uncertainty with the dollar limits the amount of pesos in circulation. To this end, he announced an increase in bank reserves and an increase in Lebac's interest rates. On Tuesday, he offered a 46.5% return on the offer for these letters and yesterday he validated a rise of another 47.5% percentage point on the secondary market, in response to the new growth of the dollar. The Central badured that the high rates will be maintained for several months and that the monetary issue will be limited. Economic activity does not seem to be a concern of the agency, despite the fact that most consultants indicate that this year there will be a recession with an acceleration of prices. In economic jargon, this is called stagflation.

The future dollar markets worked the equivalent of $ 300 million, of which 67% had been agreed for July and August with a quote of 28.00 and 29.09 pesos, respectively. The rates implicit in these quotes were 40.9 and 44.8%. As for the Buenos Aires Stock Exchange, the MerVal index rose by 1%, closing at 27,045 points. The main ones were Cablevisión (11%), Telecom (6.6%) and Mirgor (6.2%), while the largest decreases were recorded by Distribuidora de Gas Cuyana (-2.1%). , Aluar (-2%) and Petrobras (-1.6%). The country risk, meanwhile, rose by 8 points to close in 585 base units. Among the contributions of public sector bonds, the 0.7% increase in Bonar 2024 and 0.2% in Bonar 2020 was highlighted. , 2 percent. Argentine government bonds have been among the most punished in the region in recent months.