The dollar fell again this Tuesday in the local exchange market, with a daily decrease of 0.23%. With this, the interbank average remained at $37,931, according to data from the Electronic Stock Market (Bevsa). This is the lowest face value since mid-February 2020.
The last operation of the day was agreed at $37.9 with a drop of 0.29%.
With Tuesday’s decline, the currency completed its ninth straight daily decline so far this month. So far this year the fall is 5.35% compared to the end of 2022 ($40,071).
The operations of the day totaled US$ 24.3 million, according to data from the Central Bank of Uruguay (BCU) and There was no intervention from the monetary authority, which remains outside the market.
On the public blackboard of Banco República (Brou), the dollar was trading this Tuesday at $36.75 for purchase and $39.15 for sale close to closing.
At the regional level, in Brazil, the main exchange reference market, the US currency rose 0.29% to 4.782 reais per unit.
And globally, the Dollar Index, which measures the value of the US dollar in relation to a basket of foreign currencies, stood at 102.17 points, with a daily positive variation of 0.32%.
dollar outlook
The economist from the Center for Economic Studies (CED), Agustín Iturralde, told Uruguay radio that the depreciation of the dollar is a global problem that “will persist”. The economist used as a reference what is happening in Brazil, where the greenback has lost 7% of its value against the real so far this year.
For his part, the managing partner of Gastón Bengochea Corredor de Bolsa, Diego Rodríguez, stated days ago that if inflation moderates, the fiscal deficit is reduced, GDP grows again and the risk rating agencies raise the debt note, which results in lower financial risk, “there are no macro fundamentals to expect a rise in the dollar in Uruguay.”
Exporters ask for a “signal” from the BCU
The president of the Union of Exporters (UEU), Facundo Márquez, told last week The Observer that the union needs some signal from the BCU. “That President Lacalle Pou has said that the dollar should be between $39 or $40 is a sign of political concern,” he said.
“The BCU should enter a path of reducing the interest rate; That is not going to solve the issue today, but it would be a sign, ”he said. Márquez explained that containing the rise in prices has a cost, but the only one that is paying for it is the export sector. “If it is the only sector that pays it, it ends up being a kind of tax on exports,” he concluded.
