The Argentine wholesale dollar reached a new nominal high of $1,497 on Friday, according to market data reported by PR Corredores de Cambio. This increase of eight pesos, or 0.5%, marks the highest price level for the official currency in nine months, driven by a trading volume of USD 463.4 million in the spot segment.
Official and Retail Exchange Rate Surges
The official exchange rate has climbed 19 pesos, or 1.3%, over the last week. For July, the increase totals 15 pesos, a 1% rise. Gustavo Quintana, an operator at PR Corredores de Cambio, noted that this represents the most significant weekly increase since the week ending June 19.
Retail rates followed a similar trajectory. The public dollar at Banco Nación rose by ten pesos, or 0.7%, reaching $1,520 for sale. This figure surpasses the previous record of $1,515 set on October 22 during the 2025 midterm election cycle. The retail dollar increased by 20 pesos, or 1.3%, over the past week.
Financial Dollars and the Blue Market
The “blue” dollar—the informal market rate—dipped five pesos, or 0.3%, on Friday to close at 1,545 pesos, despite an overall weekly gain of 15 pesos (1%). The blue dollar hit an intraday peak of $1,560 on Thursday.
Financial instruments also show upward pressure. The “contado con liquidación” (CCL) approached $1,600, rising 0.7% and nearing its previous record of $1,610 established on October 21 of last year.
Central Bank Interventions and Reserve Goals
The Banco Central de la República Argentina (BCRA) set a ceiling for its exchange band scheme at $1,836.23. The current official rate of $1,497 leaves a gap of 339.23 pesos, or 22.7%, providing the BCRA room to continue purchasing dollars in the spot market.
According to a report from the consultancy 1816, the BCRA has purchased USD 12.721 billion so far this year. This exceeds the International Monetary Fund (IMF) annual net reserve target of USD 8.000 million, with actual reserves increasing by USD 8.455 million. The consultancy also noted that the trade surplus exceeded USD 2,000 million in five of the first six months of the year.
On Friday, the BCRA acquired USD 345 million, bringing the weekly total to USD 492 million. This surge was attributed to several factors:
- Bulk currency purchases for Neuquén province bond placements.
- Liquidation of export earnings.
- An additional USD 50 million contribution resulting from the rise in asset prices, such as gold.
Gross international reserves rose by USD 499 million to reach USD 49.183 billion, the highest level since July 7.
Market Analysis and Economic Outlook
Gustavo Ber, an economist at Estudio Ber, stated that the gradual slide of the wholesale dollar toward $1,495, combined with the BCRA’s continued purchases, is viewed positively by markets. Ber noted that this commitment to accumulating reserves has contributed to upgrades from international rating agencies.
Analysts Federico Filippini and Javier Casabal of Adcap Grupo Financiero observed that global risk aversion recently impacted dollar-denominated bonds more than local currency debt. They noted that the relative stability of the “contado con liquidación” helped sustain peso-denominated assets.
Adcap further noted that while May activity data shows an uneven domestic recovery, the sustained trade surplus continues to strengthen Argentina’s external accounts.
Currency Comparison Summary
| Dollar Type | Current Rate | Weekly Change | Status |
|---|---|---|---|
| Wholesale Official | $1,497 | +1.3% | New Nominal High |
| Retail (Banco Nación) | $1,520 | +1.3% | New Nominal High |
| Blue (Informal) | $1,545 | +1% | Below Intraday Peak |
| CCL (Financial) | ~$1,600 | +0.7% | Approaching Record |
Related reading