The dollar fell 3.3% in the week to $ 37.60 (down 10.3% since the beginning of the new monetary policy)

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El dólar cayó un 3,3% en la semana a  $ 37,60 (bajó 10,3% desde el inicio de la nueva política monetaria)

The dollar fell 3.3% in the week to $ 37.60 (down 10.3% since the beginning of the new monetary policy)

The dollar fell 3.3% to $ 37.60 during the week in banks and exchange houses, accumulating a drop of 7.75% since the beginning of the new monetary policy, the first of October. In the exchange houses of Posadas it is sold at 38 pesos.

In the day of this Friday, after the tender of Letes de Liquidez (Leliq) where the Central Bank cut the rates, the North American currency he recovered and finished with a fall of only 17 cents, after having touched his minimum at $ 37.23.

The retailer did not follow the trend of the segment in which they operate banks and foreign trade agents, in tune with the Single and Free Exchange Market (MULC), where the currency turned around and went up 18 cents to $ 36.75 after the monetary authority auctioned Liquidity Letters (Leliq) to 7 days for a total of $ 103,303 million at an average rate of 71.9%, the lowest paid in the week. The maximum return was 73.9%.

Thus, from October 1, the date on which Leliq's daily auction system was launched, the rate that started from 67.7% reached the maximum of 73.5% last Monday and fell 1.6 points in the week. With this scheme, the BCRA has absorbed $ 7,740 million.

The North American currency had a disparate route and with strong variation, product of abrupt changes of tendency in another day with little volume of businesses. Is that, after a strong initial decline that presaged a deepening of the fall of the previous close, prices experienced an important reaction that accommodated them on the end at a level higher than that reached in the session on Thursday.

The strong dominance of the offer was in force in the first part of the day, a period in which the stock fell sharply to reach minimums at $ 36.05, fifty-two cents below the previous end. The price fluctuations were constant during a large part of the day's development but at a level always lower than the previous closing.

After knowing the result of the tender, which reflected a lukewarm cut in the level of the interest rates, the demand for coverage with impact on the price in a scenario with less residual supply was reborn. The reaction brought prices to peaks in the $ 36.80 in the minutes before closing.

With this small reaction, the adjustment of the exchange rate ended in the week that has just ended. In this period, the prices of the American currency accumulated a loss of $ 1.09 compared to the values ​​recorded at the close of last Friday., noting the second consecutive weekly decline that pushed them away from the historical highs of September 28 last.

"The slight adjustment in the level of interest rates that emerged after the last tender of the week seemed to encourage a restructuring of the demand for coverage, a factor that changed the market trend and the result of the variation in prices in the last round of the week, "said analyst Gustavo Quintana. And he said: "next week will have a day less operations and the first operational day will coincide with the expiration of the LEBAC, a situation that may have a decisive influence on the evolution of dollar prices in the second half of the month.

In turn, the blue gave 20 cents to $ 37.80 according to the survey of this medium in caves of downtown Buenos Aires. The "contad con liqui" added 27 cents to $ 37.14.

Lastly, Central Bank reserves fell US $ 344 million this Friday to US $ 48,534 million.

Source: Scope

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