The Colombian peso depreciates by 0.5% in Thursday’s session.

The US dollar is being traded in today's session at an average of 3,936.93 Colombian pesos, representing a change of 0.51%

Written by: Gabriel Micillo • Thursday, February 22, 2024 • 1 min read

• Last updated: Thursday, February 22, 2024

The Colombian peso depreciates by 0.5% in Thursday’s session.

In today’s session, the average exchange rate is 3,936.93 Colombian pesos.

After the market opening, the US dollar is being traded in today’s session at an average of 3,936.93 Colombian pesos, representing a change of 0.51% compared to the previous session’s figure of 3,916.89 pesos.

Over the past seven days, the US dollar shows an increase of 0.76%; however, in year-on-year terms, it still accumulates a decrease of 14.5%.

Compared to previous trading days, it marks three consecutive dates of positive numbers. The volatility over the last week exhibits a lower behavior compared to the volatility seen in the figures of the past year; therefore, its quotation is showing less variation than expected in recent days.

The Bank of the Republic of Colombia expects that by the end of 2024, the exchange rate will average 4,081 pesos per dollar. This is an encouraging forecast, far from the increases that the national currency experienced between late 2022 and early 2023.

Regarding inflation, the forecasts are also positive. It is expected that the trend will be downwards, reaching around 5.61%, still far from the ideal three percentage points but without nearing the 10% mark reached in previous months.

However, this contrasts with the forecasts for Gross Domestic Product (GDP) growth, as the Bank of the Republic expects it to be 1.2% in 2024.

Like other currencies in the region, such as the Brazilian real or the Mexican peso, the Colombian peso has also been one of the most appreciated in emerging markets. In just the first half of the year, the Colombian peso has experienced significant appreciation, partly driven by the weakening of the dollar globally.

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Gabriel Micillo

Gabriel is a certified public accountant graduated from UNNE (National University of the Northeast, Argentina) and a software developer, currently pursuing a Master's degree in Finance and Economics. With nearly 8 years of experience working for accounting firms and brokerage firms. Concurrently, he has produced economic and financial reports on the current state of regional economies for the clients of the establishments where he has worked. Additionally, he assisted colleagues like Ignacio Teson in the drafting and editing of articles on similar topics in English language.