On Thursday, June 4, 2026, the mercado cambiario split: the official dollar fell to $1,455 for sale at Banco Nación while the blue dollar rose to $1,435 in the informal market.
The Banco Nación selling rate closed the session at $1,455 and its buying rate at $1,405. Retail offers in commercial banks reached $1,460 for sale during the day; Santander and BBVA listed the dollar at $1,460/$1,410, ICBC quoted $1,455/$1,395 in one mention, and Supervielle posted $1,454.5/$1,409.5.
The blue ended Thursday five pesos higher than Wednesday, and the retail dollar had already climbed $30 in the first four trading sessions of June. Over the week the peso-dollar moved up 2.1%, trimming the decline accumulated since the start of the year.
Market participants said the wholesale market showed stronger pressure through the day, prompting a heavier presence from the Central Bank. Operators reported that the authority stepped in first in the futures market and later along the curve of dollar-linked bonds to blunt demand.
The Central Bank's international reserves stood at $48,369 million on Thursday. The International Monetary Fund said Argentina was close to meeting the reserve target set for 2026 under the program, and Julie Kozack noted the monetary authority had bought US$10,000 million in foreign currency since the start of the year.
The same-day divergence left the blue rate closing $20 below Banco Nación's selling price, underscoring an unusual alignment in which the informal market pushed higher while the official retail quote eased. That split is a practical headache for anyone trying to buy dollars: quoted rates depend on the channel, and the retail window was available at a higher figure than the Banco Nación headline at points during the day.
For banks and businesses the Central Bank's activity mattered beyond intraday numbers: intervention in futures and dollar-linked bonds is designed to manage expectations and smooth wholesale volatility, but it also signals that underlying demand remains — enough to require direct action.
At the same time, officials and industry sources maintain that the worst is behind them on credit and delinquency. The claim sits uneasily against data showing credit to the private sector in pesos fell again and consumer loans posted their first real year-on-year decline since August 2024, a reminder that liquidity in the mercado cambiario is only one side of Argentina's economic picture.
The immediate open question is how long the Central Bank will sustain heavier intervention in futures and the bond curve. Reserves above $48 billion and the IMF’s assessment give the authority room to act, but the record for June so far — higher retail quotes, a rising blue and weekly gains for the dollar — leaves the timing and cost of further intervention unresolved.
Absent a clear statement on the duration of those operations, traders and consumers will watch the next sessions for whether the peso settles near Thursday's levels or the split between official and informal quotes widens again.
