After opening the week lower following the holidays, the blue illegal rate closed 11 cents down at 12.38 pesos, hitting a new low in more than eight months, leaving the gap between the official and the parallel rates below 40 percent.
The decrease marks the ninth fall in the last ten trading sessions, and can be explained by a «dollar for savings» demand hike and an increase in agricultural exports.
The gap between the «blue» and the official rate is falling at a 1% rate per day and now stands at 39.9%, the lowest in the last 10 months. The blue chip swap rate echoed the «blue’s» descent, dropping 13 cents to close at 12.01 pesos. The stock exchange rate was steady at 12.13 pesos.
Meanwhile, the US dollar closed half cent higher at 8.85 pesos compared to Monday’s closing price in banks and foreign exchange agencies.
The Central Bank bought 10 million dollars and accumulates purchases for 150 million dollars during the month.
Source: Buenos Aires Herald