Overview

• The peso’s official rate was trading around 1,270–1,310 pesos at Banco Nación while the blue rate hovered between 1,300–1,320 pesos.
• Treasury Minister Luis Caputo held an out-of-program bond auction to reabsorb roughly 6 trillion pesos left unrolled in a prior tender with a variable-yield “TAMAR” instrument.
• The Central Bank tightened banks’ reserve requirements and maintained its elevated “supertasa,” prompting a tense meeting between BCRA President Santiago Bausili and major banks over peso-management limits.
• A recent IMF disbursement added about $1.993 billion to gross reserves, lifting them to roughly $43.0 billion before sliding to about $41.9 billion due to debt-service outflows and FX interventions.
• Dollar futures now price the peso at about 1,332 per dollar by the end of August and near 1,496 by December as July inflation eased to 1.9% (36.6% y/y) but remains at elevated levels ahead of midterm elections.