The wholesale dollar marked its third consecutive increase and matched its nominal record at Banco Nación

The official dollar began August with a slight upward trend, and the selling rate at Banco Nación (BNA) matched its nominal record. The wholesale exchange rate advanced for the third consecutive session this Wednesday, although it remained below the psychological barrier of $1,500, in a market that started to anticipate a higher demand for exchange coverage heading into the second half of the year.

The official rate rose $0.5 compared to the previous session and is now at $1,496.5 for sale, which is 23.7% below the ceiling of the exchange rate band, currently set at $1,850.48. The volume traded in the spot segment exceeded $518.3 million.

In the retail segment, the dollar at BNA closed at $1,520, and the card dollar reached $1,976. Meanwhile, the average reported by Banco Central (BCRA) reached $1,520.12.

Among financial quotes, the cash with settlement (CCL) operates at $1,580.78, the MEP at $1,522.79, and the blue dollar quotes at $1,540.

In the city, it is believed that August could present a more challenging scenario for the exchange market due to the lower seasonal inflow of foreign currency from agriculture and a greater search for coverage by investors.

In this context, Portfolio Personal Inversiones (PPI) pointed out that "the expansion of exchange coverage was led by instruments linked to the dollar". According to the firm, in the last auction, the Treasury placed $3.467 billion in the Dual TAMAR/Dollar Linked bond maturing in January 2028, while the stock of dollar-linked securities in private hands increased by another $1.280 billion through primary placements and interventions by the Central Bank in the secondary market.

The Central Bank maintains focus on reserves

While monitoring the evolution of the exchange rate, the Central Bank continues to strengthen its reserve position. The monetary authority began August with a net purchase of $18 million in the official market, in a session where the traded volume reached $514 million, absorbing about 4% of the total negotiated.

With this result, the accumulated purchases so far this year amount to $13.345 billion, after acquiring $2.163 billion in July, the third-best monthly performance of 2026, behind April and May.

Additionally, the Central Bank has recorded four consecutive sessions with a net buying balance, after interrupting at the end of July a streak of 135 consecutive days of positive intervention.

The new ceiling of the exchange rate band

The publication of the June CPI also redefined the margin of action of the exchange scheme. With an inflation rate of 1.9%, the ceiling of the band was adjusted for August and will reach $1,879.97 by the end of the month, about $35 above the limit in July.

This implies that, from current levels, the wholesale dollar still has a wide range before forcing the Central Bank to intervene in the official market.

Despite this, various analysts believe that attention will remain focused on the evolution of the demand for coverage, the government's intervention strategy through futures and dollar-linked securities, and the Central Bank's ability to continue accumulating reserves in a context of lower seasonal supply of foreign currency.

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