October 31, 2014
US dollar jumps 7.5 cents, informal rate hits 13.95 pesos
In a market shaken by the government’s plan to restructure the external debt replacing the bank of New York Mellon as trustee, the so-called "blue" dollar jumped 40 cents to close at 13.95 pesos.
Investors opted for the "blue" dollar, reluctant of the official plan to change venues for paying bondholders and pushing the rate up to a new record high.
The blue-chip swap rate also contributed to push the "blue", going up 19 cents and closing at 12.38 pesos, while forcing shares and bonds also to increase. Meanwhile, the stock market dollar rose four cents and closed at 13.14 pesos.
The “blue” had already climbed 35 cents yesterday, influenced by rises in the blue-chip swap rate, and now accumulates a 75-cent climb since Monday, broadening its gap with the official rate to 66 percent.
Meanwhile, the official dollar rate climbed seven and a half cents in Buenos Aires city banks and exchange offices and closed at 8.405 pesos, the highest rise in seven months, following the $1.21 increase registered in January.
A dollar supply weakened by the end of the grain harvest, together with sustained currency demand, contributed to the rise of the official rate via an increase in the wholesale dollar.
The Central Bank made the decision not to intervene in the market to regulate the currency climb and ended up selling US$10 million before the end of the working day instead.