Colombian Peso Holds Near 3,300 per Dollar | Colombia Market Report, Nov 12
Colombia's peso held near 3,300 per US dollar on Thursday as oil rose about 3%, offsetting pressure from higher US yields. The post Colombian Peso Holds Near 3,300 per Dollar | Colombia Market Report, Nov 12 appeared first on The Rio Times .
Colombia's peso held steady against the US dollar on Thursday, trading around 3,300 pesos to the dollar. This was little changed from the previous day despite the US dollar gaining strength and Wall Street experiencing a decline. The primary reason for the peso's resilience was the rise in oil prices. US crude oil rose about 3% to around US$89 a barrel, and Colombia earns income from its crude exports, which helps support the peso.
However, the exact closing figure of the COLCAP, the index of Colombia's largest listed companies, could not be verified from official sources. The key forces influencing the peso's direction this week were the US 10-year Treasury yield and oil prices, which were pointing in opposite directions. Thursday's market situation was a tug-of-war between these two forces.
The peso ended near 3,300 per dollar, indicating that prices in dollars barely changed from the previous day for travelers and expats. The peso's performance can be attributed to oil offsetting the pressure from US yields, which is the best-supported inference based on the available evidence. The weight of evidence suggests that oil played a crucial role in maintaining the peso's strength.
The outlook for the peso depends on the trajectory of US yields and oil prices. If yields continue to rise and oil prices weaken, the peso's support may be compromised.
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