Wholesale dollar falls to 1489 pesos as short-term rates heat up

The wholesale exchange rate drops 3 pesos to 1489 for sale, after accumulating two consecutive days of increases. The quote is set 24.8% below the ceiling of the exchange rate band, located at 1858.35 pesos. At Banco Nación, the quote decreases by 5 pesos to 1510 for sale, while the dollar for card purchases abroad falls to 1963 pesos. The average retail rate of the BCRA stands at 1515.689 pesos. The blue dollar remains at 1540 pesos, the dollar counted with liquidation (CCL) operates at 1583 pesos, and the MEP quotes at 1521.39 pesos. The drop in the dollar generates greater tension in short-term rates, with more expensive liquidity reflected in repos and collateral, as well as in institutional fixed terms, which mark close to 25% TNA. The perception among operators is that the economic team seeks to prevent the currency from sustainably exceeding 1500 pesos, through interventions in the futures and dollar-linked bond markets. However, this poses the challenge of keeping the dollar contained without deepening the liquidity shortage or maintaining excessive pressure on interest rates in pesos. The BCRA began August with a more moderate pace of reserve accumulation, with purchases averaging 22 million dollars daily, the slowest pace since the program began in January. By 2026, the monetary authority has accumulated purchases of over 13 billion dollars, while gross international reserves remain close to 50 billion dollars.

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