Overview

• The official dollar at Banco Nación fell to about $1,470 for sale from $1,515, and the wholesale rate slid below the band ceiling of $1,476.79 after briefly breaching it last week.
• Parallel and financial rates retreated, with the blue near $1,475–$1,480 and MEP/CCL easing into the roughly $1,425–$1,473 range.
• Sovereign bonds rallied as much as 10%–12% and the country risk index dropped roughly 300 points from last week’s peak, with ADRs and the local equity benchmark posting strong gains.
• The government’s decree temporarily cut grain export taxes to zero until late October or until about US$7 billion is liquidated, requiring at least 90% of proceeds to be sold within three business days.
• The BCRA had defended the band by selling about US$1.11 billion over three sessions, including US$678 million on Friday, leaving reported gross reserves near US$39.26 billion.