Overview
- The BCRA bought $83 million on Tuesday after $21 million on Monday, its first back‑to‑back purchases in about ten months under a rule capping daily buys at up to 5% of market volume.
- Gross reserves climbed above $44 billion to about $44.19 billion, while analysts note net reserve measures remain very limited or negative once liabilities and Treasury deposits are deducted.
- The official wholesale dollar closed near $1,467.5 and the Banco Nación retail rate at $1,490, keeping the exchange rate within roughly 4–5% of the band ceiling as the blue ended at $1,520 and CCL near $1,535.
- Market sources reported Treasury dollar sales to hold the official rate below the band top, and an Economy Ministry adviser said the BCRA’s newly purchased dollars will not be used for the January 9 payment; a short canje of dollar‑linked paper is underway and a REPO with international banks is widely expected but not confirmed.
- Risk sentiment stayed fragile with country risk around the mid‑560s and mixed sovereign bond moves, even as trading volumes rose and futures prices eased on the front end.