Argentina's Central Bank ended a 135-day streak of dollar purchases on Tuesday, July 28. Gross reserves closed at US$ 48.391 million, down US$ 231 million for the day.
The monetary authority refrained from market intervention despite the visit of IMF Managing Director Kristalina Georgieva. The official had praised the reserves accumulation program and urged: “Keep buying, keep buying.”
Since the program began in January, the BCRA added US$ 13.128 million. July purchases reached US$ 1.963 million, though the pace slowed in recent weeks.
The wholesale dollar closed at $1.498 for sale. The blue dollar hit a nominal high of $1.570, while the MEP rose 0.5% to $1.533.50 and the CCL ended at $1.597.54.
Analysts noted that demand for foreign currency to settle a TCO-linked note influenced the decision not to buy.
