The Central Bank of Argentina purchased $457 million on April 10, marking its largest daily intervention in nearly two years as the retail dollar closed below $1,400. The day was characterized by a strong supply of foreign currency and a continued decline in the wholesale exchange rate.
The importance of this development lies in the Central Bank’s ongoing strategy to rebuild reserves while maintaining stability in the currency market. The sustained supply and limited demand for dollars contributed to downward pressure on the exchange rate, allowing for significant reserve accumulation without disrupting market trends.
According to operator Gustavo Quintana from PR Corredores de Cambio, the wholesale exchange rate ended at $1,361 for buying and $1,370 for selling—a decrease of $11 compared to the previous close. This marked the fifth consecutive drop over the week. Trading volume in the spot segment reached $565.2 million, making it the highest of the week, while futures trading totaled $1.271 billion with declines across all contracts.
The Central Bank took advantage of this environment by purchasing a record amount since April 4, 2024. Over just six sessions in April so far, acquisitions have totaled $1.039 billion; year-to-date purchases stand at $5.424 billion as part of official efforts to restore reserves.
For context, during this week alone, the wholesale exchange rate dropped by $24—much greater than last week’s increase of $11.50—with futures markets following suit with widespread declines across contracts.
Observers note that a combination of robust foreign currency supply and restrained demand has enabled authorities to strengthen reserves while keeping overall market dynamics unchanged.
