Rise of the parallel dollar in Argentina accumulates 10.5% in the week

The dollar price in Argentina’s parallel market continued today, Friday, the strong upward trend it has been reporting since last Monday, with a net increase of 10 pesos (2.31 percent), closing the financial day at 442 pesos per unit.

The U.S. currency climbed a total of 42 pesos during the week, 10.5 percent, and exceeded by more than 100 percent the difference concerning the quotation in the official market.

The official dollar ended the day at 218.51 pesos, according to data from the Central Bank of Argentina (BCRA), bringing the exchange rate gap to 102.27 percent.

The so-called “financial dollars” also registered record highs, the most relevant being the “Contado con Liquidación” (CCL) dollar, which closed at 455.57 pesos.

The CCL is a mechanism provided by the Argentine financial market which allows the acquisition of foreign currency through the purchase and sale of government securities quoted in pesos.

On the other hand, the “MEP” dollar, which is acquired through operations with Bonds in the Stock Exchange, was at 440.42 pesos.

According to analysts, the substantial rise of the parallel dollar is explained by lower agricultural projections as a consequence of the drought and the impact on the South American country’s international reserves.

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