The dollar rose again and reached a historic high, but the government downplayed the increase and remains expectant.

In another intense session in the foreign exchange market, the official dollar jumped $ 55 and accumulated a 13 % increase during July, approaching the upper limit of the floating band. Thenational government downplayed these increases and asserted that they are beneficial to the economy.

During the trading session on Thursday, July 31, the wholesale dollar was trading at $ 1,374 , $59 above its previous value; while the retail dollar was trading at $ 1,380 at the Central Bank. Meanwhile, financial quotes exceeded $ 1,370 during the day. In the afternoon, the price finally fell due to possible official intervention, according to foreign exchange market analysts. At the close of trading, the MEP dollar traded at $ 1,350.94 and the cash dollar at $ 1,360.62 .

The Minister of Economy, Luis Caputo , analyzed the situation and commented through his X account: " A dagger for the opposition. TCRM at 102.67 (base 100 = exit from Mauricio Macri's control). That is, almost 3% above January 2016 and without transfer to prices." While from Casa Rosada they indicated to TN that the dollar continues to rise within the band and that "when it reaches the ceiling, they will intervene to make it go down ."

Correct, a dagger for the opposition. TCRM at 102.67 (base 100 = release from Macri's control). That's almost 3 percent above January 2016, and with no pass-through to prices. ???? https://t.co/vVMVRtIQEo

— totocaputo (@LuisCaputoAR) July 30, 2025

The head of the Ministry of Finance noted that the recent upward trend in the dollar has favorably impacted external accounts without causing any secondary effects, for the moment, on local inflation. According to economist Gabriel Caamaño , this trend could be traced to the lack of dollar contributions from the agricultural sector due to the liquidation resulting from the temporary reduction in withholdings. This, coupled with the dismantling of the liquidity bills in June, released 15 trillion pesos into the market, while social factors such as concerns about the accumulation of reserves and the electoral race caused the increase.

"A clear change in trend dominated the second half of the month due to very sustained demand and a slight decline in genuine supply, which resulted in the dollar's value reaching historic highs," he explained, but offered a favorable forecast for the government: "Concerns will dissipate in the coming days, when some normalization of interest rates is expected and the market finds relative equilibrium."