Dollar: the wholesale rate fell to its lowest value since October and shares rise by up to 8%
The Argentine wholesale dollar has fallen to its lowest value since October, while stocks have seen gains of up to 8%.
The Argentine wholesale dollar dropped to $1390.98, marking a decrease of $5.69 (-0.41%) from the previous day's close, representing the lowest nominal value since mid-October of the previous year. This decline occurred even with the Central Bank of Argentina (BCRA) having recorded six consecutive weeks of reserve purchases. The official retail dollar also fell, closing at $1410, which is a daily drop of $10 (-0.7%) as well.
The market conditions were influenced by a general strike called by the CGT and active discussions in the Chamber of Deputies regarding labor reform. Despite the challenges, Argentine stocks demonstrated resilience, showing rebounds of up to 7% on the New York Stock Exchange, reflecting a cautious optimism among investors amid the turbulent economic environment.
The overall context suggests a complex economic landscape in Argentina, characterized by varying exchange rates and government interventions. As the country grapples with its fiscal policies and external pressures, the fluctuations in the dollar value and stock market performance are critical indicators of investor sentiment and economic stability moving forward.