The “blue” dollar rate sold 16 cents higher today in underground houses at 14.65 pesos, ámbito.com reported, after accumulating a 60-peso fall for the last three business sessions pushed by a downward trend of other dollar rates such as the stock exchange rate, the blue-chip swap rate and amid growing controls in the foreign exchange market.
According to traders, this drop of the parallel rate was expected but wouldn’t last long due to an electoral scenario ahead of August 9 primary elections.
In an attempt to encourage savings in pesos, the Central Bank last Thursday raised interest rates for fixed-term deposits.
Meanwhile, the official dollar rate closed half a cent up at 9.185 pesos in banks and agencies. The Central Bank was forced to sell 40 million dollars of reserves as income from grain sales slowed at the start of the week.
Source: Buenos Aires Herald