Official exchange rate drops 2.5%

[jjsto]

The "official" peso rate just doesnt really matter to me at all. I dont know a single person anywhere that can actually use that rate. I look at the government offer for dollars as Bid: 4.39, Ask: n/a. So, if tomorrow the official rate looked like Bid: 3.00, Ask: n/a that would have no effect on me whatsoever. Unless you are a corporation that can still access the official rate or some kind of "lucky" individual, what does it matter? Sure, it is interesting to look at the "spread" between the official and contado rate, but for the most part I dont care about the official rate at all.

 

[sesamosinsal]

The price of soybeans after fobbing is $542/ton USD.

When the buyer and seller agree on the sale, those $542 USD are converted to ARS at the official rate. So, if this jump in ARS value is accurate, the BCRA would be converting that to ~2,379 ARS instead of ~$2,450 ARS, a $71 ARS difference. In other words, the BCRA gets to keep the same amount of dollars, but pay the producers less in pesos.

Someone correct me if I'm wrong.

 

[davonz]

The rates on XE and FX dont reflect real trades. They just reflect what the central bank says. So I wouldnt read anything into it at all. The peso isnt an openly traded currency so there is no fare value reflected in any price shown on these forex sites. Maybe someone pushed a wrong button at the central bank when setting rates for today !!!

I dont know if the soy harvest would effect it either, as the soy and corn crops are down alot this year due to drought, so income from them will be low.

Even x-rates, which tracks real trades, shows 4.50, but was alot higher in the beginning of the year (when everyone else was saying 4.20), when the peso was trading, but no one seems to be trading it because of the risks so its rate on x-rates has dropped to what the central bank says too..

http://www.x-rates.com/d/ARS/table.html

If you look at the chart, you can see someone is fcuking with us !!!

http://www.xe.com/currencycharts/?from=USD&to=ARS

 

[Escu]

The rates on XE and FX dont reflect real trades. They just reflect what the central bank says. So I wouldnt read anything into it at all.

Hmmmmmm.........No. Those are the rates used by Martercard / Visa / Amex when you use a US credit card or debit card for making purchases in pesos or making ATM withdrawals. That "official" rate, even if we all know it is blatantly manipulated is VERY relevant.

 

[French jurist]

http://www.x-rates.com/d/ARS/table.html

If you look at the chart, you can see someone is fcuking with us !!!

http://www.xe.com/currencycharts/?from=USD&to=ARS

The chart looks like the encephalogram of someone in the coma who just died. Any similarity with the local economy is purely a coincidence

 

[davonz]

Hmmmmmm.........No. Those are the rates used by Martercard / Visa / Amex when you use a US credit card or debit card for making purchases in pesos or making ATM withdrawals. That "official" rate, even if we all know it is blatantly manipulated is VERY relevant.

As i said they dont reflect real trades.. Its a rate that is set by the central bank, and its the central bank that converts the US$ to pesos and decides what the conversion rate is..

I didnt say anything about official rate etc.. And you are right its the rate you get when you withdraw from ATM.. But you go try to buy US$ at that rate !!! - SO at the end of the day it means sod all.

 

[davonz]

If you look at:

http://www.ambito.com/economia/mercados/dolar.asp

no change.. so maybe ex and fx get their data from the same third party source and that third party has stuffed up..

 

[sesamosinsal]

As i said they dont reflect real trades.. Its a rate that is set by the central bank, and its the central bank that converts the US$ to pesos and decides what the conversion rate is..

I didnt say anything about official rate etc.. And you are right its the rate you get when you withdraw from ATM.. But you go try to buy US$ at that rate !!! - SO at the end of the day it means sod all.

The problem is that this rate being shown on Yahoo! Finance and the other exchange sites isn't reflected on Argentine sites like Ambito, DolarHoy, or Banco Nación. The official rate might not be directly relevant to you or me, but I'd argue that it is certainly relevant indirectly. Imports and exports are all affected by the official rate, as well as other aspects of the economy.

I'm going to go to an ATM and withdraw 10 or 20 pesos to see what the rate is. I'll report back later today.

 

[TrevorCito]

I'm not seeing it in the futures market:www.rofex.com.ar

These are the prices out to April next year:

21/06/2012 DLR062012 4,5140 0,0010 0,02 Todays exchange rate
21/06/2012 DLR072012 4,5690 0,0030 0,07
21/06/2012 DLR082012 4,6260 0,0010 0,02
21/06/2012 DLR092012 4,6870 0,0020 0,04
21/06/2012 DLR102012 4,7520 0,0050 0,11
21/06/2012 DLR112012 4,8260 -0,0040 -0,08
21/06/2012 DLR122012 4,9040 0,0040 0,08
21/06/2012 DLR012013 4,9740 0,0040 0,08
21/06/2012 DLR022013 5,0450 0,0040 0,08
21/06/2012 DLR032013 5,1290 0,0040 0,08
21/06/2012 DLR042013 5,2140 0,0040 0,08

 

[davonz]

The official rate might not be directly relevant to you or me, but I'd argue that it is certainly relevant indirectly. Imports and exports are all affected by the official rate, as well as other aspects of the economy.

I'm going to go to an ATM and withdraw 10 or 20 pesos to see what the rate is. I'll report back later today.

You are correct, i havent used an ATM here for over 3 years.. Got sick of being ripped off... And i dont export from here..

Will be interesting to see what rate you get at ATM thought !