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5h ago

Peso Under Pressure as Official Dollar Hits 1,500, Wholesale Nears Band Ceiling

Traders cite thin agro-exporter supply alongside a weak Treasury rollover that swelled peso liquidity as the key driver.

Image
El mercado le exige comprar reservas al BCRA, pero está cerca de tener que vender divisas si la cotización llega a tocar el techo, que está muy cerca
El dólar oficial arrancó la semana en alza.
El Banco Central ajusta sus reservas tras el pago de intereses al FMI.

Overview

  • The Banco Nación retail dollar closed at ARS 1,500 and the wholesale rate at ARS 1,482, roughly 1% below the official band ceiling.
  • Financial rates firmed with MEP around ARS 1,494–1,496 and CCL near ARS 1,517–1,520, while the blue hovered around ARS 1,425–1,445 in Buenos Aires.
  • Reports indicated the Central Bank did not sell dollars during the session as gross reserves rose USD 1,404 million to USD 40,786 million on routine month‑start flows.
  • The Treasury rolled only 57% of recent maturities, injecting roughly ARS 5 trillion into the market, and low October agro liquidations further constrained FX supply.
  • Market crosscurrents persisted as the government paid USD 822 million in IMF interest, stocks rallied with the S&P Merval up about 3%, and cabinet shifts included Guillermo Francos’ exit, Manuel Adorni’s promotion, Diego Santilli’s appointment and Alejandro Lew taking Finance.