Overview

• The Banco Nación rate held at ARS 1,425 and the wholesale closed near ARS 1,416–1,417, with the blue around ARS 1,385–1,395 and no spot-market intervention reported.
• After Monday’s rout, Argentine ADRs rebounded up to 5% and sovereign bonds rose a little over 1%, while the Merval ended roughly flat and country risk hovered near 1,108 bps.
• The peso remains less than 4% from the managed-float ceiling near ARS 1,470, keeping focus on potential official action permitted under the IMF program if the cap is breached.
• The IMF publicly backed the government’s economic plan, with spokeswoman Julie Kozack stressing support for the exchange-rate and monetary framework.
• The Treasury seeks to roll about ARS 7.2 trillion in peso debt on Wednesday as futures price further depreciation toward year-end and gross reserves stand near US$40.5 billion.