Overview

• Domestic official exchange rate exceeded 1,300 pesos per US dollar while the informal “blue” rate climbed to about 1,305
• Central bank intervened heavily in futures markets to moderate volatility after the peso’s latest surge
• The Treasury’s emergency debt auction absorbed 4.7 trillion pesos by offering up to 3.3 percent monthly effective yield
• Gross foreign-exchange reserves rose by US$554 million to roughly US$40.4 billion with IMF and CAF disbursements
• The July 22 agro-export liquidation deadline is expected to reduce dollar inflows, sustaining upward pressure on the peso