After having reached a minimum price of 3,963 pesos and a maximum of 4,000 pesos, the price of the dollar in the Colombian interbank market closed its operations on the third day of the week at an average of 3,980, about 11 pesos below the representative market rate in force for this Wednesday of 3,991.15 pesos, according to the report of the Electronic Trading System (SET_FX) of the Colombian Stock Exchange (BVC).
(Also read: Dollar maintains the downward course and at the beginning of the day it trades at $3,987)
With the drop of 11 pesos registered this Wednesday, the dollar completed five consecutive sessions down in which it has lost about 213 pesos. Nevertheless, So far this year, that decrease marks a difference of 830 pesos, if one takes into account that the US currency began 2023 negotiating on average over 4,810 pesos.
With these decreases in the Colombian peso, it already registers an appreciation of 17.2 percent against the hard currency, which places it as one of the currencies with the highest revaluation in the world.
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The confidence of investors, who are already discounting lower fiscal impacts from the reforms that the government is advancing, is attracting more capital to the country which has caused the Colombian peso to register a valuation of more than 17 percent against the US currency.
In the first half hour of operations in the Colombian exchange market, the cost of the dollar has fallen to a minimum of 3,980 pesos, that is, 11 pesos less than the TRM in force for this Wednesday.
Felipe Campos, Investment and Strategy Manager at Grupo Alianza, points out that the dollar is falling faster in 2023 because last year “Investors were uncertain about a country that could undergo many structural changes.”
The regional elections scheduled for the end of October may also have an effect on the behavior of the US currency in the country, “if there is a breather for the government and a recovery of presidential approval,” says Campos.
