Overview

• After its first rise in 13 sessions on Wednesday, the official rate extended gains, with Banco Nación at ARS 1,325 and the wholesale reference near ARS 1,315.
• The informal blue dollar stayed broadly steady at ARS 1,340, keeping the gap with the official rate narrow at roughly 1%–2% as of Friday.
• Short-term money markets swung sharply, with one-day caución rates reported up to 150% intraday before closing near 70% on Wednesday and easing to about 51.5% on Thursday.
• The central bank’s shift to higher, daily reserve requirements is tightening liquidity and pressuring bank funding, while Treasury operations continue to absorb pesos.
• Financial dollars traded in the low ARS 1,300s (MEP and CCL near ARS 1,31x), and futures pricing pointed to a higher official rate by year-end, with quotes around ARS 1,33x for late August and roughly ARS 1,50x for December; recent IMF inflows of about US$1.993 billion lifted gross reserves toward US$43 billion.