Thursday , April 22 2021

The dollar rose more than one peso in the week and closed at $ 38.50

The week ended with a jump of the dollar. According to the Central Bank's average exchange rate, the retail dollar closed at $ 38.50, while on Thursday it reached $ 37.43. In the wholesale, it rose $ 1.06 to $ 37.50.

The currency increased four days and posted a weekly gain of $ 1.50, the highest since the end of September, when the exchange rate hit a record high of $ 41.94. According to experts, the outflow of funds affected the investment of positions in local currency.

Why did the coin jump?

One trader explained that the pressure on the currency was the product that "a bank from the outside dismantled positions in pesos to buy dollars".

Analyst Gustavo Quintana of PR Cambios told El Cronista newspaper that "it seems to me that there was a surplus of pesos that occupied a position in dollars, besides that there was a very fluid supply and prices translated into a strong high." This week, after the bidding of Lebac, the Central Bank delivered to the square about US $ 122 billion.

The analyst Fernando Izzo explained to the same media that "foreign banks doing their business to have funds in their account, they sent on the need for dollars from some investors and companies, using hedges of their accounts abroad and unfortunately had to pay the price of the dollar that the seller sent. "

In addition, the dollar appreciated in the United States and had its biggest weekly increase in a month, as investors resorted to the account after a sharp drop in oil prices. The dollar index has increased five of the last six days.

In the region, the currency increased by 1.2% in Colombia; 1% in Chile; 0.6% in Brazil; and 0.4% in Mexico.

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