The Colombian peso appreciates and consolidates its position as one of the most overvalued currencies.

The US dollar is trading on Wednesday, March 6th, at 3,933.93 Colombian pesos.

On Wednesday, March 6th, the US dollar is trading at an average of 3,933.93 Colombian pesos, representing a decrease of 0.25% compared to the 3,943.61 pesos on March 5th. Over the last seven days, the US dollar has recorded a 0.27% increase in profitability. However, in year-on-year terms, it still maintains a decrease of 13.23%.

If we compare the data with the trading day of March 5th, the result flips: there was an increase of 1.85% yesterday. The fluctuating changes in the price of this currency indicate the lack of stability to create a consistently stable trend, at least in the last month.

The Colombian peso consolidates its position as the second strongest currency in the world, surpassed only by the Afghan afghani, leaving behind significant currencies such as the Brazilian real and the Mexican peso.

By the end of 2023, the currency experienced a revaluation of 23.11% against the dollar, marking a milestone in the economic landscape of Latin America. This increase in the Colombian peso’s value represents a significant advantage over the region’s second-strongest currency, the Mexican peso, which recorded an increase of 18.83%.

The strength of the Colombian peso stands out as it surpassed an initial economic uncertainty of 2024 when the US dollar reached 5,000 Colombian pesos. This has demonstrated the country’s financial resilience. Economic analysts forecast that the currency will continue to appreciate in the short term, with an estimated exchange rate ranging between $3,900 and $4,050, as seen in the first days of March 2024.

The Central Bank of Colombia projects that by the end of 2024, the average exchange rate will be 4,081 pesos per dollar. This projection provides an encouraging outlook, distancing itself from the increases that the Colombian currency experienced between late 2022 and early 2023.

Regarding inflation, positive outcomes are also anticipated, with a downward trend projected to reach 5.61%.