Title: Colombian Peso Surges as US Dollar Hits Lowest Rate in Latin America
Date: July 18, 2023
The Colombian peso has emerged as the most revalued currency in Latin America, as the US dollar continues to weaken in the country. On Tuesday, July 18, the Financial Superintendence of Colombia announced that the Representative Market Rate stood at 4,069.39 pesos for each US dollar.
The Banco de la República revealed that on Monday, July 17, the Colombian peso experienced an annual devaluation of -15.40%, resulting in a stronger position against the US dollar. This downward trend for the US currency has persisted over the last month and has caused it to present the most depreciated price in the past year, not exceeding 4,200 pesos.
In comparison to the previous year, the US dollar is quoted at 4,395.63 pesos, indicating a significant decrease of 325.97 pesos in its valuation. On the trading day of July 18, 2023, the dollar started at 4,012.00 pesos in Colombia. Consequently, exchange houses in the country are offering the currency for approximately 4,060 pesos while buying it for around 3,940 pesos.
The fluctuation of the US dollar throughout the week of July 18, 2023, demonstrates the strengthening of the Colombian peso against the weakening US currency. The Financial Superintendence of Colombia has reported the following representative exchange rates:
– Tuesday July 18, 2023: $4.069,39 COP
– Monday July 17, 2023: $4.089,30 COP
– Sunday July 16, 2023: $4.089,30 COP
– Saturday July 15, 2023: $4.089,30 COP
– Friday July 14, 2023: $4.102,13 COP
– Thursday, July 13, 2023: $4.128,67 COP
– Wednesday, July 12, 2023: $4.193.59 COP
– Tuesday, July 11, 2023: $4.154,06 COP
According to Portafolio, the decline in the value of the US dollar in Colombia is attributed to low inflation rates in the United States. In June, US inflation dropped by one point, reaching its lowest level since before the pandemic, at 3%, according to the Bureau of Labor Statistics (BLS).
As the Colombian peso continues to gain strength against the US dollar, it has become a favorable condition for both local businesses and international investors. The steady decline in the dollar’s value is shaping the country’s economic landscape and providing new opportunities for growth.