The dollar started its tenth day below the band of non-intervention. Within hours of the Monetary Policy Committee decide whether to increase and how much the authorized amount to buy foreign currency – and thus achieve an increase in demand, inject more pesos and that the dollar goes down with a drop of 48 cents, to $ 37, in the wholesale market. The floor of the no-intervention swap range is $ 37.61.
The Central Bank went out to buy it earlier. It purchased US $ 50 million at an average price of US $ 37.08, with a maximum of US $ 37.10. Since January 10, when shopping began, has US $ 560 million added to reserves.
Meanwhile, in the retail market, the dollar drops 50 cents to $ 37.90 at Banco Nación. On Wednesday, the currency closed at $ 38.59, according to the banks' average. These are values that have not been seen since last December 3rd.
The dollar followed the same path as the other countries in the region, where all currencies – from Brazil to Mexico – were revalued.
The fall of the dollar in Latin America is linked to the declaration of the Federal Reserve of the United States that decided maintain a cautious position in raising the rate. The Fed kept the base rate unchanged and, moreover, eliminated the reference to "more gradual increases" in its statement, which marked a flexible approach to reduce its portfolio of securities and implied that the next rate move could be even a cut .
Optimism for emerging markets following the US central bank's decision also affects country risk, which drops 0.87 percent to 683 points. This means that there is a 6.83% difference between the Argentine and United States securities, considered the safest. The US Treasury's 10-year bond also fell to 2.67%.