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The dollar reacts with a rise that was not seen for a long time to the announcement of the Central Bank that it will buy US $ 12,000 million in foreign currency to replenish and expand the country’s international reserves.
In the first operations of the local interbank market, the US currency experienced a jump of $ 18.1 to $ 744.81, its highest level since last December 3.
This is its fifth consecutive rise.
The Central Bank announced this morning that it decided to initiate a gradual program of replenishment and expansion of international reserves to strengthen the country’s international liquidity position, in preparation for the end of the IMF Flexible Credit Line in 2022.
Specifically, will implement a gradual program to purchase foreign currency for US $ 12,000 million. Of these, US $ 2,550 correspond to the replacement of the reserves used in the intervention plan that was executed between December 2019 and January 2020, and the remaining balance to the amount necessary to increase its size to around 18% of GDP.
“With this new ingredient in the fundamentals of the exchange rate, it is expected that the dollar will rise more in the short term, having a resistance zone around $ 750- $ 760. Anyway, pay close attention to external fundamentals that would soon be bearish again, which could generate a new weakness in the coming days for the greenback ”, said Ricardo Bustamante, Head of Trading Studies at Capitaria.
Developing…
