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2h ago

Argentina Caps Peso Slide With Treasury Dollar Sales as Caputo Seeks U.S. Swap Support

A tentative calm reflects heavy Treasury dollar sales plus fresh dollar‑linked firepower, with U.S. help likely to take the form of a swap.

Soybeans are loaded into a grain cart from a combine harvester during a harvest at a farm outside St. Peter, Minnesota, US, on Tuesday, Sept. 30, 2025. US President Donald Trump said he would confront Chinese President Xi Jinping over Beijing’s refusal to purchase American soybeans, a growing area of tension between the world’s two largest economies. Photographer: Ben Brewer/Bloomberg soja cosecha
Cosecha de soja
El tipo de cambio operó en terreno negativo el viernes, debido al debilitamiento del dólar
El dólar mayorista finalizó por debajo de la línea de intervención planteada por el BCRA por cuenta y orden del Tesoro.

Overview

  • The Banco Nación rate held at 1,400/1,450 pesos for a second day as the wholesale dollar closed near 1,424.5, with a practical intra‑band ceiling enforced around 1,425 via Treasury sell orders.
  • Market sources estimated roughly $1 billion was sold over three sessions to defend the wholesale rate, leaving the weekly gain near 100 pesos and keeping the price below the band ceiling set near 1,482.
  • The BCRA and Treasury executed a formal swap to boost dollar‑linked instruments, lifting intervention capacity by about $7 billion and adding up to $4 billion in new dollar‑linked debt issuance.
  • Reserves rose by $467 million to about $42.698 billion, while the blue dollar fell to 1,420/1,440, financial rates eased, global bonds rebounded up to roughly 5%, and risk premium retreated to around 1,165 bps.
  • Caputo traveled to Washington for talks with U.S. Treasury Secretary Scott Bessent, who signaled support structured as a currency swap rather than a cash disbursement, as the IMF’s Kristalina Georgieva cited coordination that could include U.S. SDR holdings.