Overview

• Market operators estimate the Treasury has roughly $700–$750 million left after selling about $1.5–$1.6 billion across six sessions, including $250–$330 million on the latest day.
• Official central bank data showed $1.7 billion in dollar deposits on Oct. 2, implying net usable reserves have likely slipped below $750 million.
• The peso hovers near the top of its band around 1,430 per dollar as the parallel rate tops 1,500, and futures price an annualized devaluation near 60%.
• With direct spot intervention constrained, authorities expanded nonstandard tools, including a larger sold futures position near exchange limits, activity on BYMA and A3 venues, a $4 billion debt swap, and brief tax breaks that drew about $7 billion from exporters.
• Economy Minister Luis Caputo and central bank chief Santiago Bausili are in Washington for talks with U.S. Treasury Secretary Scott Bessent, while dollar bonds weaken ahead of an about $500 million November maturity and Oct. 26 midterms.