The USD depreciates in Colombia, peso has remained strong over the past year

In Colombia, the dollar is depreciating despite the country’s sustained strength over the past year.

After the opening of the foreign exchange market, the US dollar is trading at an average of 3,874.21 Colombian pesos at the start of March 18th, indicating a slight decrease of 0.02% compared to the previous session’s closing rate of 3,874.96 pesos.

Compared to the previous week, the US dollar has experienced a decline of 0.69%, although it still shows a decrease of 12.91% on an annual basis.

Analyzing this data in relation to the previous day’s result, where it ended with an increase of 0.52%, it is noticeable that the US currency has not established a defined trend. While the dollar’s volatility over the past week has been notably lower than the figures seen over the past year (14.84%), indicating that it is experiencing fewer fluctuations in this recent phase than the overall trend suggests.

The Market Representative Rate decreased by 19.48% (939.61 pesos) compared to the same day of the previous year, demonstrating the Colombian currency’s recovery against the US dollar. Meanwhile, the price on March 18th decreased by 0.85% (33.2 pesos) compared to the same day of the previous month.

The Central Bank of Colombia has shared its forecast for the US dollar exchange rate by the end of 2024, anticipating an average of 4,081 pesos per dollar. This estimate provides an encouraging outlook compared to the increases experienced by the Colombian currency at the end of 2022 and the beginning of 2023.

In the first months of 2024, the dollar in Colombia has remained between 3,900 and 4,000 pesos; in some instances, it has even had a lower value. This indicates that the Colombian peso has shown strengthening in emerging markets, aligning with other Latin American currencies such as the Brazilian real or the Mexican peso.

ABOUT THE AUTHOR See More

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.

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