After closing on Friday at the border of 38 pesos in the banks and 71 cents below the non-intervention zone in the wholesale segment, the dollar may extend the financial summer this week, as analysts do not anticipate jumps in the exchange rate and the Ministry of Finance will seek to put instruments in pesos that , due to high interest rates, arouse the appetite of local and foreign investment funds.
In this context, the wholesale dollar began trading at $ 37.10 for sale on Monday, while the retailer sold $ 38 at Banco Nación.
The Central Bank went out early to buy $ 50 million newspapers. He paid an average price of $ 37,125. Thus, the monetary authority has $ 440 million so far in January and the currency remains below free float radar.
On Friday, the currency was sold at an average of $ 38,186 in banks, down 30 cents on the intraday and nearly 40 cents on the week. The wholesaler closed at $ 37.03 for sale, 71 cents below the floor of the flotation band, despite daily purchases of $ 50 million from the Central Bank.
The BCRA negotiated on that day the interest rates for Leliq of 56.697%. Although they remain high, the returns of assets in pesos gradually decline.
This does not prevent assets in domestic currency from remaining attractive to investors. The Ministry of Finance will offer on Monday the capitalization of 18 months (maturity on April 30) at a rate of 4% per month, capitalized each month. It will also place a Lecap in pesos at 2.65% monthly with a longer maturity, in 547 days (maturing on July 31, 2020).
In the case of the shorter Lecap, the rate far exceeds expected inflation for the coming months (between 2.3 and 2.6% per month until April). As analysts do not predict strong movements in the dollar, assets in pesos gain attractiveness, since TN.com.ar This saturday.