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5h ago

Argentina’s Dollar Rates Hit Records as Central Bank, U.S. Step In

Visible U.S. backing plus fresh BCRA dollar sales failed to cap the run, exposing fragile confidence days before Argentina votes.

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Soybean fields 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:
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Overview

  • The Banco Nación retail dollar closed at $1,515 and the wholesale rate ended at $1,490.50, just below the $1,491.07 band ceiling.
  • The BCRA sold about USD 45.5 million on the spot market in its first such move in 21 sessions, within a day that topped USD 700 million in volume, with additional offers near the ceiling attributed by traders to the U.S. Treasury.
  • Parallel and financial quotes set new nominal highs, with the blue around $1,545, the MEP near $1,580–$1,593, and the CCL roughly $1,600–$1,611.
  • Official reserves fell sharply on the day, reported down about USD 776 million to roughly USD 40.54 billion, as sovereign bonds slipped and the Merval rose modestly; country risk hovered near 1,048 basis points.
  • Treasury Secretary Scott Bessent reiterated U.S. support and described the assistance as a stabilization bridge, while President Javier Milei vowed no post-election devaluation and to defend the exchange band ahead of the Oct. 26 legislative elections.