This Tuesday marked a significant surge in the parallel dollar’s value in Argentina, continuing its upward trajectory for the third straight day.
The rate hit 1,035 pesos per unit at major exchange houses, a peak not seen since March.
Locally termed the “blue dollar,” this unofficial rate ascended by 20 pesos, a 2 percent increase from the prior trading session, accumulating a 3 percent rise this week alone.
The disparity between the parallel market and the official exchange rate has now expanded.
The gap reached 19 percent for the wholesale dollar, predominantly utilized in international trade, reflecting data from the Central Bank of the Republic of Argentina (BCRA).
For retail transactions, this gap stood at 13.4 percent, highlighting the increasing divide between official and market-driven rates.
Parallel to the “blue dollar’s” climb, financial dollars linked to stock market activities also witnessed a resurgence.
After a period of decline, these rates bounced back, with the “MEP” (Electronic Payment Market) segment reporting an average rate of 1,035 pesos.
The “CCL” (Cash with Settlement) trading ended the session at around 1,074 pesos, indicating a rebound in these financial instruments.
Argentina’s Parallel Dollar Rises for Third Consecutive Day
These fluctuations in the parallel dollar coincide with the onset of Argentina’s major agricultural harvests, including soy, corn, and wheat.
The increase in crop yields boosts the availability of foreign currency, providing a partial buffer against economic fluctuations.
Moreover, this period aligns with a notable reduction in inflation from earlier in the year, accompanied by the Central Bank’s interest rate cuts.