Home » The Dollar Holds Steady: Representative Market Rate Stays at $3,950.57 for February 7, 2024

The Dollar Holds Steady: Representative Market Rate Stays at $3,950.57 for February 7, 2024

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The Dollar Holds Steady: Representative Market Rate Stays at $3,950.57 for February 7, 2024

The price of the dollar has been steadily increasing throughout the first two days of this week, approaching the $4,000 mark, and the trend continued at the end of today’s negotiations. On Wednesday, February 7, the closing price was $3,960, representing a $10 increase from the previous closing price of $3,950. The Representative Market Rate (TRM) was set at $3,950.57 for the day, with the currency reaching a maximum price of $3,974.63 and a minimum of $3,942.3, and an average of $3,962.31.

Álvaro Ojeda, Vice President of Values AAA, explained that the warnings of a possible recession from the International Monetary Fund (IMF) due to inflation have led to interest rates not decreasing, as well as influencing the supply and demand of currencies and the political situation of the country and region.

Looking ahead to 2024, projections for the end of the year are divided. The most optimistic forecast comes from the Banco de la República, which sets the TRM between $3,839 and $3,939 during the year. Fedesarrollo analysts have moderate estimates, predicting a TRM of $4,025 for December 2024. The least optimistic projection comes from the Government’s Financial Plan for 2024, with the Ministry of Finance projecting a year-end value of around $4,317 per dollar.

For the latest economic news, stay tuned to El Espectador.

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