Blue rises for the fourth consecutive day and is close to $800

Today, free dollars face the fourth consecutive round of rise and set new records in nominal terms. In this way, the quotes put an end to the “exchange summer” that had been recorded during the first three weeks of September, at the expense of interventions by the Central Bank (BCRA) and the implementation of the agricultural dollar.

With an eye on the presidential elections, this week the City Buenos Aires registered a revival of demand. The blue dollar sells for $793 in the caves and trees on Florida Street, which represents an increase of $3 compared to the previous closing (+0.4%). It is a new nominal record, leaving behind the $790 it reached yesterday.

However, when taking perspective and observing the value of the parallel exchange rate in real terms, The current price is still below other recent peaks. For example, due to the strong inflation that occurred in the last month, the $780 that it marked a month and a half ago would be equivalent to $931 today, according to estimates by financial analyst Salvador Vitelli. Compared to October 2020, when the parallel touched $195, it would be about $1,087 today.

Financial exchange rates also open higher. He dollar counted with settlement (CCL) “free” appears on capital market screens at $825.74. A daily increase of $7 (+0.8%), which leads it to reach the highest nominal price on record.

“Despite the soybean dollar [trascendió que se prorrogaría hasta las elecciones de octubre] and the Vaca Muerta dollar, The supply of foreign currency in the financial market seems scarce. For this reason, the BCRA announced yesterday that it will allow the entry of foreign currency corresponding to capital contributions or financial debts of companies via the capital market since October, with the condition that the repayment is also made via the market,” they noted from Delphos Investment.

In the first negotiations of the day, the MEP soars by $26.4 and is sold at $721.34. This trend usually reverses in the last hour of operations, due to the interventions carried out by the Central Bank through the bond market. However, due to the upward pressure that is reflected in the exchange market, This operation is costing the Government more and more dollars. Yesterday it would have invested US$60 million, according to estimates from the Personal Investment Portfolio (PPI), when last week’s average was US$33 million.

“It is expected that with the proximity of the presidential elections, coverage in dollars will increase. Added to this is the cataract of announcements by Sergio Massa [ministro de Economía]which does not stop injecting pesos into the market,” said Ignacio Morales, financial analyst at Wise Capital.

Without surprises, the official wholesale exchange rate remains fixed at $350, so the gap against the blue widens to 126%. This price has remained stable since Monday after the primary elections, when the BCRA validated a devaluation of 17.9%. According to the Ministry of Economy, it will remain at this value until mid-November, despite the fact that the prices of the economy register double-digit monthly increases.

“The latest data from the BCRA show that the transfer to prices of the devaluation on Monday after PASO was immediate, given that the real multilateral exchange rate (TCRM) is already below the levels of the Friday before the PASO. In this way, the gain in exchange competitiveness generated by the devaluation has already been consumed.”, they highlighted from Facimex Valores.

THE NATION