as the Representative Market Rate (TRM) for the day, which is the maximum price recorded. Throughout the day, the dollar remained strong in Colombia, causing other currencies, including the Colombian peso, to weaken.
The rise in the dollar is attributed to the decision of the United States Federal Reserve (FED) to continue applying high interest rates in the country. This led to a decline in US stocks and international investors shifting their money into dollar assets for better profitability. In Colombia, the decision of the Bank of the Republic to maintain the national interest rate at 13.25% was also announced.
Despite requests from the government and business associations to lower the interest rate, the Bank of the Republic decided to keep it unchanged for the third time this year. This decision has sparked discussions and debates regarding its impact on the Colombian economy.
However, it should be noted that despite the TRM exceeding $4,000, in exchange houses across major cities in Colombia, the dollar can be bought or sold for slightly less than that figure. The prices of the dollar on September 29, in the exchange offices of the main cities of the country, are as follows:
– Bogota: Buy $3,890 – Sell $3,980
– Medellin: Buy $3,840 – Sell $4,010
– Cali: Buy $3,820 – Sell $3,950
– Cartagena: Buy $3,700 – Sell $3,930
These variations in exchange rates provide options for individuals and businesses looking to exchange their currency. At 8:00 am, when the stock market opened, the dollar was quoted at $4,080 in Colombia, ready to be published as the TRM for the day.
The strengthening of the dollar and its impact on the Colombian economy is a topic of interest for investors, economists, and the general public. As the situation continues to unfold, experts will closely monitor the dollar’s behavior and its implications for the country’s financial stability.