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The dollar closes the financial year with a bearish trend



While in 2018 the dollar double the value in all segments, the end of this year found the currency slightly demanded. The City of Buenos Aires operator pointed out that need for liquidity in pesos the end of the year alone exceeds demand for coverage before summer holidays.

In the average bank in downtown Buenos Aires, currencies are offered to $ 39.04, with a down 36 cents, or 0.9 percent.

Interbank dollars give way this Friday lack of liquidity in pesos, faced with the need to close annual positions, said the operator for Reuters.

The impact too high interest rates in pesos, which in the reference to the Liquidity Letter (LELIQ) of the Central Bank is still very close 60% per year and deactivate currency purchases.

In the square wholesalers sell for 37.90 pesos, which reduced the peso depreciation to 50.79% so far in 2018. This means a exchange rate appreciation of 103.2% this year.

"There is need weights to cover different commitments, and that was evident from half the market Thursday. Therefore, the dollar fell, "explained a foreign exchange agent.

Next Monday will be a "bridge" holiday in Argentina and on Tuesday the market remains closed for the New Year.


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