The dollar fell sharply in the early days of foreign exchange controls

The dollar fell sharply when launching measures to limit the purchase of foreign currency and closed at about $ 58.41.

In the afternoon, Banco Nación was sold for $ 59, while the average price of the system was $ 60.06, nearly two pesos less than the day before the exchange control. At closing, BNA announced a decline of $ 57 and $ 58.41 in all banks, TN.com.ar said.

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The day was also marked by the sharp decline in the value of the future dollar, which fell by 15%. At closing, the position of these private futures contracts for the month of December was $ 70, down more than 15% from Friday.

The future dollar is made up of contracts between private parties that constitute a reference and which are negotiated at a later date. On the basis of an estimate of the exchange rate, the parties agree to buy or sell at these values ​​within a specified time: one of them must pay the difference with the real price. That's not to say that in December, the dollar will be at this set price.

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Commercial Chronicler said the sharp drop was due to three factors: exporters were forced to liquidate; the net overall position (PGN) of the banks has been further reduced; and companies were prevented from buying treasure dollars, which reduced demand.