Overview
- Official and alternative exchange rates stayed contained below ARS 1,500, with the wholesale at ARS 1,447.50, Banco Nación at ARS 1,465, blue at ARS 1,455, MEP near ARS 1,458 and CCL around ARS 1,493–1,498, well under the band ceiling of ARS 1,579.95.
- The Central Bank bought about US$44 million on Wednesday and remains a net buyer, adding roughly US$1.16 billion in January and around US$1.25–1.30 billion year-to-date, helped by agroexport liquidations and corporate dollar debt issuance.
- Despite continued purchases, gross international reserves fell by about US$256 million to roughly US$45.4 billion, with officials citing valuation effects for most of the decline.
- Sovereign risk climbed back above 500 basis points as Argentine stocks slumped, with some New York–listed ADRs down up to 8% and the S&P Merval off roughly 2% in dollar terms, following local uncertainty tied to the INDEC leadership change.
- Short-term peso rates have been elevated—recently around 35.5% TNA on overnight caución—providing a financial anchor for the FX market, and participants are watching today’s REM for updated expectations on the dollar, inflation and interest rates.