Dollar Falls Amidst High Demand for Pesos
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The wholesale dollar fell for the second day, discounting eight pesos or 0.5% to 1,488 pesos, moving away from its recent nominal record of $1,498. The exchange rate thus returned to levels similar to those shown on July 23. The downward trend for the dollar is associated with the lack of liquidity in the peso market following the large-scale bond auction of short-term Treasury bonds on Wednesday, which resulted in an increase in interbank (REPO) rates and in overnight loans between private parties on Thursday. The BCRA set a ceiling for its exchange rate band scheme at $1,843.63, a limit that it widened to 355.63 pesos or 23.9% for the margin for the float of the official exchange rate.
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