The exchange rate in search of an equilibrium

After two months of smooth sailing the economy enters a more turbulent period in which inflation suffers the effects of the depreciation and the increases in utility rates, the economy is in the depth of the recession and reserves and the exchange rate are still under pressure awaiting the benefits of capital inflows and the proceeds of the export crop.  True, many of the current symptoms were expected to happen when the government unified the exchange rate and removed the cepo back in December, and in many ways they came with a two months delay, but nevertheless they still generate some concern and uncertainty.