Black day: the dollar has reached 58 dollars despite strong official sales

The price of the dollar rose from 1.45 pesos this Tuesday to 54.70 pesos for the purchase and 58.66 pesos for the sale despite official sales of 362 million dollars, in a new dark day for the Argentine badets.

The country risk indicator of Argentina jumped 8.8% to 1,981 basis points. The indicator S & P Merval fell by 3.95% and the role of Argentine companies operating on the New York Stock Exchange collapsed to 9.8%.

Sovereign bonds were also bleeding: Bonar's 2020 dollar fell by 12.92%; Bonar 2037 was down 11.03%; The reduction decreased by 9.5%; and Bonar 2024 was down 6.98%.

The price of the Bonar expiring in 2020 was $ 54.5. This represents a drop of 12.92% in the day; 42.24% in the month; and 44.1% in the year.

In addition, the internal rate of return (IRR) of this bond due in October was 99.9%, which means that an investor who buys this paper today will charge more than double its investment to time of repayment.

The aggravating politician

This situation came after everyone's Front said that the IMF had suggested to its presidential candidate, Alberto Fernández, to presume the need to anticipate the election of a "power vacuum" ", given the defeat of the ruling party in El Paso.

Prior to the consultation of these media, the spokespersons of the International Monetary Fund denied "categorically" that members of the delegation in Argentina "have suggested to advance the elections because of their concerns about a possible power vacuum."

"Members of the IMF delegation have never spoken in these terms at the meeting that they had today with Mr. Alberto Fernández and his economic advisers," said the spokespersons consulted.

This was added to the fact that everyone's Front held the government of President Mauricio Macri and the International Monetary Fund in the face of the economic problems facing Argentina and asked them to settle it.

Currency sale

The local currency market has accentuated the downward trend affecting the rest of the region's currencies. Even the buying frenzy has forced the monetary authority that Guido Sandleris leads to the extreme of his intervention to try to avoid speculative hops.

The monetary authority has made seven auctions for about $ 302 million in the spot market, exceeding the $ 250 million ceiling set in the credit agreement with the IMF.

Until now, in August, the monetary authority has sold $ 1,061 million to meet a demand stimulated by the uncertainty generated by the electoral scenario, Kirchner's Peronism being likely to become again. a government.

In addition, the National Treasury has made the usual daily sale of $ 60 million also in the spot market. This money is also part of the Fund's loan to Argentina last year, from which a further disbursement of $ 5.4 billion is expected.

At the bank counters, there was an average increase of 2.5%. Some private entities pushed the bill a few steps further: the Macro Bank placed it at 61 pesos; Galicia, Supervielle and Banco Ciudad placed it at 59 pesos.

"The wholesale dollar has reached the highest level of the week, but it is still far from the historic highs that have made it exceed 60 pesos per unit," said Gustavo Quintana, operator of PR Exchange operations.

The expert said that the lack of market supply during Tuesday's day and an "exacerbated demand for coverage" had resulted in a significant rise in the wholesale exchange rate.

In the open electronic market where banks and large companies manage the exchange rate on sale 56.40 pesos, or 1.11 pesos, or 2% more than the previous fence.