After reaching the highest quote on record, Today the blue dollar was stable at $239. Despite the fact that in the first hours of the day it fell by $1, following noon it reversed the trend and was once once more on the verge of exceeding the $240 barrier. Despite this, it remained the cheapest free exchange rate, although $25 above the solidarity dollar.
Formal parallel dollars, which are accessed by buying and selling financial assets, continued to advance and registered new all-time nominal highs. The MEP dollar traded at $247.29, $3.50 more than yesterday (+1.4%). The cash-settled dollar (CCL) or “Cable” dollar (since it is used to transfer foreign currency abroad) was sold to $251.03, a daily advance of $1 (+0.4%).
Without surprises, the official wholesale dollar was quoted at $125.04, which is controlled by the Central Bank. On the boards of National Bankfor example, the retail ticket reached $129.75. When 30% of the PAIS tax and 35% on Profits account are added, the “solidarity” or “ghost” dollar (because it is almost inaccessible) appeared on screens at $214.09.
In other provinces, in the caves, the US ticket was quoted higher. This Wednesday, in Tierra del Fuego and Santa Cruz it was offered at $244, while in the interior of Buenos Aires, Córdoba, Salta and Santa Fe, the little trees sold the currency at $243, according to data from Infodollar. In Mendoza, on the other hand, it was quoted at $241, while in San Luis, at $242.
Parallel dollars remained practically stable between February and May, until they woke up in the first days of June following there began to be doubts in the financial market regarding the sustainability of the debt in pesosone of the pillars of the program of the Minister of Economy, Martin Guzman.
This week also the process of uncertainty accelerated following new economic measures were announced by Guzmán and the Central Bank. In particular, access to foreign currency to import was further restricted and the message was sent to the market that the monetary entity will issue the amount of pesos necessary for the debt in pesos to be a safe instrumentin a context of falling demand for the local currency due to the acceleration of inflation.
Therefore, in the month, the blue dollar rose $33 (+16%); the MEP, $44 (+19.1%), and the CCL, $45 (+19.3%). “The exchange rate gap reaches 100%, reflecting the growing nervousness of the market. Restrictions on imports together with excess liquidity and unanchored expectations regarding inflationary dynamics have triggered the demand for coverage, evaporating the positive effect that the agreement with the IMF had during the first semester,” Delphos Investment said.
On the other hand, the country risk managed to deflate. After having marked maximum values since the debt with private companies was restructured, in September 2020, today the index prepared by JP Morgan fell 49 units, up to 2459 basis points (-2%).
The respite provided by Argentine risk was due to the rebound in sovereign bonds, which a week ago had been reaching new historical lows. Today, the bonds of the last debt swap rose to 4.6% abroad (Bonar 2029) and 6.2% locally (Bonar 2041).
The S&P Merval remained neutral at 88,130 units (-0.1%). On the New York Stock Exchange, Argentine stocks turned red: Tenaris shares led the decline (-3.2%), followed by Transportadora de Gas del Sur (-3.1%) and YPF (- 2.6%).