In the wake of a general strike in Argentina, the foreign exchange market continued to operate normally, with political tensions surrounding labor reforms failing to disrupt the recent stability in currency value. The wholesale dollar decreased by 0.5%, closing at $1,396, while the retail exchange rate also followed this trend, reaching $1,410, marking its lowest point in several months. This decrease in the dollar's value aligns with a broader trend observed since the beginning of the year.

The Argentine Central Bank, led by Santiago Bausili, has been actively purchasing U.S. dollars to bolster its reserves, accumulating a total of US$2.246 billion since the year's start. Notably, the Central Bank's interventions have been consistent, with only a single day of withdrawal from the foreign exchange market this January. Over the past few weeks, the rate of dollar purchases has accelerated, rising from an average of US$55 million daily in January to US$76 million daily so far in February, contributing to a stabilizing effect on the Argentine peso.

The increase in dollar purchases by the Central Bank signifies efforts to boost confidence in the currency amidst ongoing economic uncertainties, including inflation and fiscal policy debates. This strategic maneuver appears to be yielding short-term benefits in maintaining a calmer exchange environment, indicating potential resilience against political turmoil. However, the sustainability of this trend amid external economic pressures and domestic policy challenges remains to be seen, as the Central Bank's interventions are closely scrutinized by market participants.