Argentina central bank skips dollar purchases, reserves drop $600M on IMF payment

The BCRA refrained from buying dollars in the FX market to avoid adding upward pressure on the exchange rate, which closed at its annual nominal high. Reserves fell by US$600 million due to an IMF payment, with weekly dollar purchases at a year-low of US$29 million. This signals a tightening of external constraints and potential strain on Argentina's reserve accumulation strategy.