Colombian Peso Gains 1.7% to Close at 3,211 per Dollar
The Colombian peso closed at 3,210.92 per dollar on Monday 5 October, 1.9% firmer than the official rate, after a rate hike and with Brent above US$100. The post Colombian Peso Gains 1.7% to Close at 3,211 per Dollar appeared first on The Rio Times .
The Colombian peso continued its upward trend on Monday, settling at 3,210.92 per US dollar in Bogotá's spot market. This marks a 1.7% gain, the highest official rate since October 2018. The stronger peso is attributed to a surprise rate hike, rising oil prices, and a stronger Brazilian real. Dealers executed 1,325 trades worth around US$1.1 billion, trading between 3,190.11 and 3,250 pesos per dollar.
The official rate, known as the Tasa Representativa del Mercado (TRM), serves as the reference for the following business day. The peso's strengthening reduces the cost of imports and dollar debt, but exporters face lower revenue. Investors in peso-denominated bonds benefit from the gain. However, higher US yields and potential rate hikes could pose risks.
The peso's strength makes Colombia more expensive for American visitors. The official rate has fallen about 13% since January, with the Central Bank set to meet again in October.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
