Gloria Camargo
The Colombian peso stood out as the most revalued currency in Latin America during the month of May, surpassing other representative currencies in the region. According to the analysis carried out by Valora Analitik, the Colombian peso appreciated 5.28% against the dollar, ranking first in the ranking of the six Latin American currencies.
In second place was the Mexican peso, with an increase of 1.79% against the dollar, followed by the Peruvian sol in third place, with an appreciation of 1.34%. On the other hand, the three currencies that experienced a devaluation during May were the Chilean peso (-0.24%), the Brazilian real (-1.38%) and the Argentine peso (-7.56%).
It is important to highlight that during May, the exchange rate of the dollar in Colombia had a wide volatility. It started the month at $4,697 and ended at $4,445. Juan David Ballen, director of research at the brokerage firm Casa De Bolsa, explained that the dollar in Colombia has experienced a lesser decline compared to other currencies due to a higher risk premium in the country.
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According to the Minister of Finance, Ricardo Bonilla, the decrease in the dollar is due to the confidence that the markets have in the Government. This situation reflects a trend in the region, where the dollar has experienced a significant fall.
Analyst Juan David Ballen predicts that in the coming weeks the dollar in Colombia will moderate. This is because the US Federal Reserve rate hike cycle is expected to come to an end, which would help ease the upward pressure on the dollar.
These variations in the exchange rate have implications for various sectors of the economy, such as international trade and tourism, and can influence inflation and the costs of importing goods and services. Investors and economic agents will be attentive to the evolution of the exchange rate in the coming months to make informed decisions in their commercial and financial activities.