After hitting a new low in 10 months yesterday, the so called blue dollar which trades in the illegal market rebounded today seven cents to close at 12.45 pesos, the first hike in 11 months.
Analysts explained the blue dollar was being pushed down by currency liquidation by grain exporters, a greater demand of the so called «saving» dollar and less expectations in the market regarding a possible devaluation.
With today’s increase, the gap between the «blue» and the official rate stands at 40.6 percent.
Meanwhile, the official dollar rate increased half a cent and traded at 8.855 pesos compared to yesterday’s closing price in banks and foreign exchange agencies, amid a government-fueled devaluation of the peso seen this week on a daily basis.
The blue chip swap rate decreased 28 cents to close at 11.85 pesos and the stock exchange rate dropped four cents to 11.97 pesos.
Source: Buenos Aires Herald