The Representative Market Rate established for this Sunday is $3,884.64 for each US dollar, marking a significant devaluation of the Colombian peso compared to last year. The currency has depreciated by -20.18% annually, with a drop of $981.86 from over $4,866.50 in the previous year. Despite reaching the lowest value of the week and the last month, experts are optimistic about a potential boost for the Colombian peso.
The dollar closed the week amidst uncertainty surrounding inflation figures in the United States. Analysts are closely monitoring the Federal Reserve’s potential interest rate cut, which could have a positive impact on the Colombian peso. Sergio Olarte, chief economist at Scotiabank Colpatria, highlighted the upcoming meeting of the Bank of the Republic’s board of directors and the potential implications for the currency.
Colombian exchange houses are currently selling the dollar for around $3,860 and buying it close to $3,750. The exchange rates may vary depending on the establishment and region of the country, with Medellín and Cartagena offering the lowest rates nationwide. Amid fluctuations and the uncertainty sparked by economic data from the US, the dollar remains stable in Colombia.
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