After reversing a drop of one peso that dominated most of the session, the free dollar closed yesterday without variations at $203.50 for sale.
Thus, in 2022 the price of the currency is still about 4.50 pesos (2.2%) below the closing values of 2021.
Meanwhile, the wholesale dollar ended at $117.43, with a gain of 18 cents. The exchange rate gap with respect to the “blue” dollar stands at 73.3 percent.
After the April inflation rate was released and the consequent rise in rates arranged by the Central Bank, there was expectation regarding the behavior of the informal dollar. But the US currency started lower and then recovered to close at the same figures as on Thursday.
Following the retail inflation data, the BCRA increased its reference rate for the fifth time so far in 2022, this time by 200 basis points to 49% per year, seeking to come closer to the official commitment assumed with the IMF to offer a yield positive in real terms. The new value of the interest rate for the term of 28 days is equivalent to an effective annual rate of 61.8 percent.
Market analysts believe, however, that this rise continues to fall short of expectations. “Assuming that the inflation expectation for May is already at 5% (79.6% annualized) given that core inflation accelerated in April and exceeded the market forecast by 1.1 points, the real interest rate ex before monetary policy at one month it would be -9.9%. This shows that, despite the repeated adjustments that took place in 2022, the rate will continue to be very negative”, they said from Portfolio Personal Inversiones (PPI).
Meanwhile, this week the Central Bank put a brake on the purchases it had been making to strengthen its reserves in the Single Free Exchange Market. After having pocketed 630 million dollars in the first six wheels of May, between Wednesday and Thursday he had to sell 100 million. Yesterday he could barely buy 5 million dollars.
Strengthening reserves is one of the demands of the International Monetary Fund. And analysts estimate that this recomposition has been very low, taking into account that in these months the greatest amount of liquidation of foreign exchange for export occurs.