The American currency experienced significant fluctuations on Wednesday amidst a busy agenda both domestically and internationally. One factor contributing to these movements was a drop in oil prices due to increased geopolitical tensions in oil-producing regions.
Notably, both the Federal Reserve and the Bank of the Republic decided to raise interest rates, marking a significant increase not seen in the country for 20 years.
For April 17, the dollar began trading at $3,895 in Colombia, representing a $43 increase compared to the market rate defined by Superfinanciera at $3,938. The currency displayed volatile behavior throughout the day, with a high of $3,905 and a low of $3,863, averaging at $3,884.
Oil prices also played a role in influencing the dollar’s movements globally, with WTI at $83.49 per barrel (a 2.19% decrease) and Brent at $88.01 per barrel (a 2.23% decrease).
In the markets, the New York Stock Exchange opened in the green on Wednesday following three days of losses. The Dow Jones index rose by 0.59%, the Nasdaq by 0.41%, and the S&P 500 by 0.42% during early trading.
The United States is considering reactivating sanctions on Venezuelan oil and gas to penalize President Nicolás Maduro for alleged interference in upcoming elections, prompting dissatisfaction from the Biden administration.
Amidst these developments, Maduro ordered the closure of Venezuelan diplomatic missions in Ecuador in solidarity with Mexico following a dispute between the two countries.