The US dollar to the Argentine peso exchange rate keeps climbing. It reached record-high wholesale rate of AR $17.30 (sell), an increase of 16 Argentine centavos since the last market closing, before falling due to a supply increase.
According to the Central Bank (BCRA), this means the retail price reached AR $17.50 (sell) and then dipped to $17.42.
Meanwhile, according to Ámbito, the Dolar Blue exchange rate increased 14 Argentine centavos to AR $17.35, still below the retail price for the eighth consecutive day.
Despite the climbing exchange rate, the BCRA does not yet consider this an issue requiring action. They assure that they will intervene if the rate changes drastically, but that the increase benefits some sectors that lamented the lagging in economic activity.
“The pace of the exchange rate is a little fast — but the price-setting sectors have a smaller margin to to move the devaluation because the demand is ironed,” said Abeceb economist Mariono Lamothe in a statement released to La Nación. He added, “Equally, to evaluate the impact of prices, we would have to see more in detail what happens in the next weeks with the devaluation: if the dollar continues to rise or fail.”
The director of the consulting firm Econométrica says that inflation of the Argentine peso is to blame for the exchange rate’s climb, as it puts upward pressure on the dollar.