The dollar touches its maximum value in almost two months: it shoots $ 1.40 and slashes the $ 40


After starting the wheel in low, the dollar jumps $ 1.40 cents to $ 39.90 and touches a new high in almost two months. In this way, he accumulates the fifth consecutive rise banks and agencies in the city of Buenos Aires, according to the

It is in tune with the Single Market and Free of Change (MULC), where the currency soars $ 1.45 a $ 39.05.

In the informal market, on the other hand, the blue operates stable to $ 37.50, according to the survey of this means in caves of the microcentro porteño. The "counted with liquidation" climbed Friday $ 1.58 to $ 37.81.

"There are several reasons that account for the rise in the dollar, such as disarmament of the carry trade, the proximity of the end of the month that begins to impact and the demand for maturities of imports and large companies", said the operator Gustavo Quintana to this portal.

For operator Christian Buteler, the rise of the green ticket at the domestic level responds to three main reasons. First, the order made by the Central Bank at the beginning of the month of reserve requirements for funds that financial institutions must keep immobilized, in order to discourage the inflow of short-term speculative capital. Secondly, the "surplus of pesos for the disarmament of Lebac last week" and lastly, "downwards of the rate of Leliq" that has been implemented by the monetary authority.

It should be recalled that the dollar soared Friday $ 1.07, the highest daily rise in the Sandleris era, and reached highs in almost seven weeks, to $ 38.50.

The greenback, which posted its fourth consecutive advance, was boosted by an important demand for coverage of the liquidity prevailing in the square (after bidding for Lebac, in which the BCRA overturned about $ 122 billion), and by a progressive disarmament of positions in pesos of investment funds, in front of a limited supply side response for a partial holiday in the US, market commentators commented.

As a result, the currency posted a weekly gain of $ 1.50, the highest since late last September, when the exchange rate had hit its all-time high of $ 41.94.

With a volume of $ 546 million, the wholesale price jumped $ 1.10 to $ 37.60, which represents the most important daily gain in almost two months. Thus, during the week accumulated an increase of $ 1.67.

Despite the sharp rise in the exchange rate, the central bank approved a new cut in the rate, which stood at 61.405% annually (from 61.699%) at the daily Leliq auction. It sold $ 134,844 million, a smaller amount than the expiration, and released to the market about $ 48.7 billion. It is worth mentioning that the term of the Leliq stretched from 7 to 10 days given that next Friday there will be a bank holiday for the G-20 summit.

Despite the dominance of the high rates backed by the Central and the Treasury, investors are beginning to be repositioned in dollars (carry trade bets or financial bicycle) due to the steep fall in rates, the proximity of the end of the year and the uncertain panorama political in the face of the presidential elections of 2019.

Since the BCRA lowered the tone to the dollar, which has increased so far this month a rise of 4.1% or ($ 1.52). "The rise of this Friday is not a topic for us, the level of the exchange rate is within the flotation band," said sources at the monetary entity. And they added: "It is part of the end-of-month dynamics where there is usually a greater demand for imports, added on this occasion the liquidity left by Lebac's tender."

• Other money markets

In the ROFEX futures market, U.S. $ 710 million were traded for November with a rise of 2.89%, to $ 38.15, and December rose 2.54% to $ 39.54. Call money was 60% and "currency swaps" were the order of the day with 140 million dollars to take and / or place funds in pesos and / or dollars to settle next Monday and Tuesday.

Finally, the BCRA's reserves fell on Friday, US $ 100 million, and closed at U.S. $ 51,731 million.


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