August 27, 2014
'Blue' climbs 10 cents to 12.15 pesos as official rate steadies
Amid soaring expectations about negotiations between Argentina and vulture funds in New York today, greenbacks in the informal market climbed 10 cents to close at 12.15 pesos. The US dollar official rate, meanwhile, traded steady at 8.15 pesos.
The Central Bank yesterday played a key role in the market, purchasing US$140 million, accumulating US$400 million so far this week.
Argentina’s international reserves climbed US$54 million, hitting US$28.1 billion on Thursday.
Traders estimate that in the short term greenbacks’ official rate would remain unchanged since the government would seek to “buy the maximum possible (of dollars) to meet the state’s foreign payment obligations,” thus protecting reserves.
In the meantime, the so called “blue” dollar jumped ten cents to 12.15 pesos with all eyes focused on imminent news about the hearing called by New York Judge Thomas Griesa.