Argentina’s Multiple Dollars Tighten As Merval Digests Budget Politics
Argentina’s year-end trade is flashing a calmer street-dollar signal after years of controls, even as politics and offshore positioning keep prices pinned in tight ranges.
Key Points
- USD/ARS is near 1,452, with the official reference at 1,425/1,475 and the blue dollar around 1,510/1,530.
- The blue premium is about 3.7% over the official sell and about 4.9% over wholesale, low by Argentina’s standards but still consistent with a segmented FX system.
- The S&P Merval fell 0.40% on Friday to 3,100,074.42, with Budget 2026 and thin liquidity driving positioning.
At 08:20 UTC on Monday, TradingView’s USD/ARS feed printed 1,452 per dollar, flat. The wholesale reference was near 1,472, with the official band’s ceiling tracked around 1,522. Financial dollars stayed split: MEP about 1,486.84 and CCL about 1,547.39.
The central bank plans to index the FX band to inflation starting in January and pair it with a clearer reserve-building effort. The IMF said it welcomed measures aimed at rebuilding reserves and advancing growth-supporting reforms.
Argentina’s gross reserves were reported near $43.61 billion, and monitoring suggested no official-market intervention on Friday. The global dollar backdrop also helped: the Dollar Index hovered near 98.1 in early trading.
The S&P Merval closed Friday down 0.40% and around 2,046.72 in dollar terms. Risk country held near 581 bps; bonds were mixed (Bonar 2029 up to 0.3%, Bonar 2041 about 0.2%). ADRs were mostly lower, led by Grupo Supervielle down about 1.2%, while IRSA rose about 1.9%.
Top five winners: Metrogas (+2.66%), Grupo Galicia (+1.33%), Banco de Valores (+1.19%), Cresud (+0.95%), Loma Negra (+0.89%).
Top five losers: Transener (-3.80%), Ternium (-3.52%), Comercial del Plata (-3.42%), Pampa Energía (-1.92%), BYMA (-1.69%).
Biggest volumes: Comercial del Plata (~9.6m shares), BYMA (~7.89m), Banco de Valores (~3.95m), Ternium (~1.58m), Galicia (~1.08m).
Technically, USD/ARS is compressing (4-hour RSI mid-to-high 60s; daily RSI high 50s). The Merval’s daily RSI is in the low 60s, with support near 3.0 million and resistance in the mid-3.1 million zone.
Offshore exposure remains selective: Global X’s ARGT had net assets near $775.04 million, with net outflows of about $7.35 million (5 days), $7.13 million (1 month), and $62.39 million (3 months).
Key Facts
— Deep Dive
— For the complete picture, read our in-depth guide: Latin America Stock Markets 2026: Ibovespa, Merval, COLCAP, IPSA and IPC Guide
Live Market IntelligenceArgentina — Live Market Board
Rio Times · Live Market Intelligence
Argentina — Live Market Board
-1.89%
166,334.86
-0.27%
64,301.04
+0.07%
11,186.57
+0.34%
2,891,651
-1.89%
2,461.23
+0.36%
58,401.58
-1.35%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| MERVAL | 2,891,651 | -1.89% | +30.51% | 3,022,485 | 3,042,365 | 2,991,150 | — |
| USD/ARS | 1,493 | +0.10% | +12.96% | 1,491 | 1,494 | 1,480 | — |
| YPF | 7,810 | +0.26% | +72.84% | 7,790 | 7,850 | 7,600 | 1,763,858 |
| GGAL | 6,980 | -0.78% | +1.82% | 7,035 | 7,115 | 6,920 | 1,564,062 |
| PAMPA | 5,115 | +0.69% | +26.70% | 5,080 | 5,140 | 5,000 | 721,190 |
| TXAR | 747.50 | -2.35% | +18.67% | 765.50 | 770.00 | 742.50 | 771,892 |
| ALUAR | 938.00 | -1.21% | +29.83% | 949.50 | 951.00 | 932.50 | 135,426 |
| TGS | 8,870 | -0.17% | +15.05% | 8,885 | 9,075 | 8,720 | 143,546 |
| CEPU | 2,156 | +1.84% | +28.36% | 2,117 | 2,165 | 2,086 | 404,146 |
| MIRGOR | 1,650 | -1.20% | -92.90% | 1,670 | 1,670 | 1,635 | 20,877 |
| COME | 40.93 | -0.73% | -30.47% | 41.23 | 41.60 | 40.50 | 4,258,884 |
| LOMA NEGRA | 3,130 | +0.08% | +5.80% | 3,128 | 3,205 | 3,090 | 182,992 |
| BYMA | 275.00 | -1.70% | +35.14% | 279.75 | 282.50 | 272.00 | 1,409,575 |
| TELECOM ARG | 4,233 | -0.70% | +55.19% | 4,263 | 4,335 | 4,160 | 31,896 |
| GLOBANT | 38.10 | -2.26% | -49.65% | 38.98 | 38.70 | 36.77 | 793,552 |
| MERCADOLIBRE | 1,870 | -3.59% | -20.71% | 1,940 | 1,927 | 1,870 | 329,640 |
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