Overview

• The wholesale rate closed near $1,315 and the retail average around $1,325, while the blue held at roughly $1,340, compressing spreads to about 1%–3.7%.
• One‑day cauciones saw extreme swings, spiking to about 150% intraday on Wednesday before closing near 70% and easing to roughly 51.5% on Thursday.
• Authorities tightened pesos further by raising reserve requirements on sight deposits to around 45%, shifting to daily encaje calculations, allowing integration with new public debt, and running ad‑hoc tenders to absorb liquidity.
• Futures pricing moved higher, with markets implying a wholesale rate near $1,318–$1,332 by end‑August and around $1,505–$1,534 by December.
• Gross reserves rose after an IMF disbursement of about US$1.993 billion, with reported BCRA stock near US$41.5–US$43.0 billion depending on the measure.