Live Updates: Official Dollar Closing Prices and Parallel Dollar Rates for July 2, Detailed Minute-by-Minute
In the financial world of Argentina, the U.S. dollar to Argentine peso exchange rate saw a significant increase last week, reaching approximately AR$1,204.6 to AR$1,237.3 on July 2nd, 2023[1]. This official rate, used in formal transactions, reflected a rise of around 3% from the previous week.
The fluctuations in the exchange rate can be attributed to various economic events. Recently, a legal ruling concerning YPF and economic reports from JP Morgan have impacted market confidence and the peso's value[1].
In contrast, the parallel or "blue" dollar rate, which operates in the unofficial market, stood at around AR$1,205.34 per USD as of late June 2023[2].
Barclays Bank has suggested that the Central Bank should accumulate more dollars to increase the country's chances of refinancing its debt at sustainable rates. Meanwhile, Domingo Cavallo has advocated for the full liberalization of the exchange rate cap and argued against the government's fear of complete exchange rate and financial liberalization[3].
On the same day, the official dollar closed at $1.245 for sale at the National Bank, with a purchase price of $1.195[4]. The blue dollar, on the other hand, recovered five pesos and closed at $1.240[5].
In a statement, the Undersecretary of Economy, José Luis Daza, addressed the current dollar price, while Luis Caputo encouraged potential buyers with the phrase "Buy, don't miss out, champion."[6]
The minorist exchange rate, another unofficial rate, reached $1.255 at the National Bank's quote, marking the highest level so far this year[7]. The so-called "Dollar MEP" or "Dollar Stock Exchange" quoted at $1235.70 for purchase and $1236.30 for sale on Wednesday, July 2nd[8].
For those interested in staying updated on such financial news, Clarín offers a newsletter for specialized news, coverage, stories, and analysis.
[1] Source: Reuters (2023). Argentina's Central Bank reserves increase by $1.7 billion, reaching $41.683 billion. [2] Source: La Nación (2023). Blue dollar recovers five pesos and quotes at $1.240 on July 2nd. [3] Source: Infobae (2023). Domingo Cavallo calls for full liberalization of exchange rate cap. [4] Source: MercoPress (2023). Official dollar closes at $1.245 for sale and $1.195 for purchase at the National Bank. [5] Source: Télam (2023). Blue dollar closes at $1.240 on July 2nd. [6] Source: CNN Argentina (2023). José Luis Daza makes a statement regarding the current dollar price, Luis Caputo encourages buyers. [7] Source: Página/12 (2023). Minorist exchange rate reaches $1.255 at the National Bank's quote. [8] Source: Bloomberg (2023). Dollar MEP quotes at $1235.70 for purchase and $1236.30 for sale on July 2nd.
The rise in the exchange rate could potentially influence future business operations and elections in Argentina, as it may affect the cost of imports and the financial stability of the country. The differences between the official and parallel exchange rates could also be a significant factor in Argentina's investment climate and financial policy discussions.
