THE OFFICIAL EXCHANGE RATE ROSE 0.5% DURING THE SESSION, CLOSING AT $1,401.8, STANDING 13.6% BELOW THE UPPER LIMIT OF THE BAND. In contrast, financial dollar rates declined, with the MEP down 0.6% and the CCL falling 0.3%, closing at $1,413.5 and $1,466.8, respectively, while the spread widened to 3.8%. In the FX market, the BCRA extended its uninterrupted streak of purchases, buying USD 80 M in the official market. As a result, it has accumulated net purchases of USD 1,012 M in February and USD 2,162 M so far this year. Meanwhile, gross international reserves fell by USD 29 M to close at USD 45,129 M.

ARS-DENOMINATED DEBT HAD A MIXED SESSION, IN A CONTEXT WHERE SHORT-TERM RATES REMAINED UNDER PRESSURE: the one-day repo averaged 34.7% TNA and the Repo rate stood at 35.5%, while the Tamar rose to 33.4% TNA. CER bonds outperformed, rising 0.2%, followed by dual bonds, which gained 0.1%, while the fixed-rate curve declined 0.1%. Meanwhile, dollar-linked bonds increased 0.1%, in line with the move in the official exchange rate.

U.S. DOLLAR-DENOMINATED SOVEREIGN BONDS HAD A NEGATIVE SESSION, with more pronounced declines in the Global bonds, which fell 0.3%, while Bonares rose 0.1%, driven by the 2035 segment that gained 0.4%. As a result, country risk stood at 514 bps. Meanwhile, Bopreal bonds declined 0.3%.

THE MERVAL ONCE AGAIN DECOUPLED FROM LATAM MARKETS, FALLING 3.3% IN PESOS AND 3.0% IN CCL DOLLARS, CLOSING AT USD 1,856. The materials, banking, and consumer staples sectors led the declines, with COME (-8.6%), Cresud (-5.1%), and Edenor (-4.7%) posting the largest losses. In contrast to the local market, Argentine stocks listed on Wall Street rose 0.2%, led by Bioceres (7.0%), CEPU (3.0%), and Globant (2.5%), while LOMA (-2.3%), Telecom (-2.0%), and Edenor (-1.8%) recorded the sharpest declines.