(Agencia CMA Latam) – Merval, the main index of the Buenos Aires Stock Exchange, closed with a strong decline (-1.67%), to 30,233.58 points, tracking foreign markets.

The monetary policy decision by the United States Federal Reserve (Fed) announced today and the movement of the locally traded U.S. dollar in recent days were the topics highlighted among investors.

The Fed raised the basic interest rate of the United States by 0.25 percentage points (pp), for the interval between 1.75% and 2.00% per year, and now foresees two more rate hikes in 2018. With this, the total number of interest increases planned for 2018 reached four, based on the average of the projections of the 15 participants of the monetary policy meeting.

“Without a doubt that this was not good news for our country, especially if we take into account that there is the concrete possibility of two new hikes for the remainder of this 2018,” said Eduardo Fernandez, an analyst at Rava Bursatil.

The stocks worst losses were recorded by Agrometal (-7.10%), Holcim (-6.63%), and Supervielle (-5.97%), while Aluar (+3.67%), Cresud (+2.53%), and Tenaris (+1.48%) closed higher.

The locally traded U.S. dollar rose 0.97%, closing at 26.00 Argentinean pesos, returning to its historic highest level.

Once again amid a thin trading volume, the Argentinean Central Bank (BCRA) intervened in the foreign exchange market to try to curb the American currency appreciation.

by Agencia CMA Latam

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