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The dollar rises by 4.7% and exceeds $ 40, without the intervention of the BCRA

The dollar rises by 4.7% and exceeds $ 40, without the intervention of the BCRA

Private purchases of US currencies due to excess liquidity in Letes' latest tender put pressure on the dollar It shot up 3% ($ 1.20) this Thursday to $ 40.24 at banks and agencies of the city of Buenos Aires, according to the average of ambito.com.

In this way the ticket accumulates an advance of 6.1% ($ 2.30) on the last four wheels.

It was in accordance with the Single and free exchange market (MULC), where the currency gained 3.4% ($ 1.30) $ 39.55, the highest level since the exit of the convertibility, despite the fact that the Central Bank sold US $ 39 million in the last minutes of the wheel.

"The monetary authority ran the dollar unnecessarily and intervened recently when it reached a $ 1.50 devaluation of the peso," said Mercado de Cambio.

During the wheel, the currency returned from the beginning very voiced, in a scenario that is again characterized by the scarce supply of foreign currency. The prices had a rising journey during the day that exceeded almost all previous records and with a considerable amplitude between maximum and minimum.

The $ 38.20 included with the first agreed transaction was converted into the lowest values ​​of a session that had a very active coverage demand without counterpart to the real offer. In that sense, the prices were consecutively climbing and exceeded the levels reached in the previous closing with relative ease.

Once the $ 39 barrier was crossed, the exchange rate accelerated the bullish correction and attempted to reach the $ 40 mark, reaching maximums at $ 39.90 before marginal official participation. The sale of the Central Bank, effective just a few minutes before closing, hardly corrected the rise without causing a fall to reverse the trend. However, the volume remained low: it rose by 7% to just US $ 440 million.

"The dollar for now will continue to rise because the low supply of exporters does not cover the demand from banks, corporations and investors seeking coverage for next week – on Tuesday 18, she defeated Lebac with a very important figure in pesos and still the investors' intentions to continue with this placement or to transfer to dollars – are not clear, "said Fernando Izzo of ABC Mercado de Cambio.

The shooting came a day after a mission from the International Monetary Fund (IMF) arrived in Buenos Aires to work with the Argentine government in the reinforcement of the financial program agreed between the two parties "in the light of renewed financial volatility and a challenging economic environment".

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