Dollar trade at 5.60 ??

[garygrunson]

I was reading an article about the black market trade of dollars reaching 5.60 yesterday. (of course I can't find it now) And my accountant friend told me about it as well and told me to sell some dollars today, and said that I should check several places.

So I went to the three places I know and the highest I could find is 5.10. (not bad, but not what he was quoting) Of course I can find him to ask where to get this rate now.

Has anyone sold dollars at this rate or close to it? And if so where? (not interested in some man on the street deal)

 

[El chabon]

Man on the street offer the best rate, I recommend you soon find a local chino who is willing to change 100-200 dolar at the time.

 

[jjsto]

Here is an article stating the rate went to 5.86 in the bond market yesterday. My opinion is that this is the market that drives the prices you find at the local "grey" market shops. So, if that level holds, maybe it will push the peso to 5.30-5.40 range, more or less. The only way you can get the 5.86 rate is with a local brokerage account, as far as I know.

http://en.mercopress.com/2012/05/16/us-dollar-in-argentina-s-blue-parallel-market-soars-5-on-tuesday

 

[garygrunson]

Well today they are paying 5.40 to 5.50 so I sold some dollars today.

 

[glasgowjohn]

at the moment it changes by day and by the hour.

all of a sudden all my Arg cousins want to buy dollars from me ....

pity I don't have more......

 

[sesamosinsal]

It's important to note that when the Argentine media refers to the value of the dollar, that's often the amount of pesos it would cost to buy dollars, not sell them. (aka, the spread)

In other words, they'll buy your dollars for 5.30, but turn around and sell them for 5.60. If you sold 1,000 USD to a broker, she/he would give you $5,300 ARS. That broker would take those $1,000 USD and sell them for $5,600 ARS. The broker profits $300 ARS.

 

[El chabon]

at the moment it changes by day and by the hour.

all of a sudden all my Arg cousins want to buy dollars from me ....

pity I don't have more......

Next time a relative comes to Argentina or you going back bring back the amount of dollars you expect to be needing.

Help out your cousins and they might even want you to make a small profit

Spending 3 or 4 days and having a varios bankacounts and/or credit cards in Uruguay will get you also something like 7000 dollar

 

[BAwithkids]

Well today they are paying 5.40 to 5.50 so I sold some dollars today.

Where did you sell them at that rate?

 

[garygrunson]

Where did you sell them at that rate?

I will PM you

 

[jp]

Would you mind sending me a PM gary?

Many thanks

j