Wholesale Dollar Rises for Second Consecutive Session, But Remains Below $1.500

The foreign exchange market began August with renewed upward pressure. Thus, the official dollar marks its second consecutive rise this Tuesday, approaching $1.500 in the wholesale segment. Experts expect greater tension on the exchange rate due to increasing demand for coverage, in a context of lower currency flow due to seasonal issues.

The wholesale dollar rises and operates at $1.498. Thus, it is positioned at 23.5% of the ceiling of the exchange rate band, which today is set at $1.849.35.

Market sources highlight that the exchange rate is once again testing the psychological barrier of $1.500 during the session, while the one-day collateral rate decompresses to 21%.

From PPI, it was noted that "the expansion of currency coverage was led by dollar-linked instruments." "$3.467 million was placed in the Dual TAMAR/Dollar Linked maturing in January 2028 (after the presidential election), while the stock of pure dollar-linked securities in private hands increased by another $1.280 million, among primary placements and interventions by the BCRA in the secondary market," they added.

On the other hand, futures contracts show a majority of declines of up to 0.2% in the 2026 segments. The market estimates that the wholesale exchange rate will be at $1.512 by the end of August and around $1.623.5 in December.

In the retail segment, the Banco Nación (BNA) dollar is sold at $1.515 for sale. The card dollar operates at $1.846.0. Meanwhile, according to the survey of financial entities conducted by the Central Bank (BCRA), the official exchange rate averages $1.517.29 for sale.

Among financial instruments, the CCL operates at $1.586.18, while the MEP is at $1.526.13. Likewise, at the informal level, the blue dollar is sold at $1.555 for sale, according to a survey by Ámbito in the city’s caves.

BCRA Interventions

According to private estimates, the BCRA sold $415 million in dollar-linked instruments on July 28, while the Treasury placed another $145 million in the official market. Additionally, during the last auction, $2.583 million net in dollar-linked securities were awarded.

In the accumulated total for July, the monetary authority would have sold around $1.500 million of these instruments in the secondary market, and its short position in futures could have increased from the $492 million recorded in June to a maximum of $800 million.

Despite these interventions, the Central maintained a sustained demand for foreign currency and bought $2.163 million in July, equivalent to an average daily of $103 million, the third-best result of 2026 behind April and May.

Reserves Surpass $49 Billion Again

The BCRA began August with a new purchase in the official exchange market and, at the same time, international reserves recovered a good part of the decline recorded at the end of July.

Specifically, the monetary authority acquired $18 million this Monday, August 3, in a session with a traded volume of $514 million, absorbing about 4% of the total traded.

With this result, the buyer balance for the month stood at $18 million, while the accumulated purchases in 2026 reached $13.345 million.

Thus, the Central has chained four sessions with a buying presence, after having interrupted at the end of July a streak of 135 consecutive days with a positive balance.

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