Colombia: USD appreciates in line with other emerging currencies that lose ground
Taking into account the last seven days, the US dollar has risen by 0.85%; however, on an annual basis, it still maintains a decrease of 9%.
There was an increase in the value of the dollar compared to the previous day. The US dollar is trading at the beginning of the session at an average of 3,908.06 Colombian pesos.
As a result, there was a change of 0.75% compared to the 3,878.86 pesos from the previous day.
Taking into account the last seven days, the US dollar has risen by 0.85%; however, on an annual basis, it still maintains a decrease of 8.73%.
In terms of changes on this day compared to previous days, it marks two consecutive sessions of gains. In the last week, volatility is visibly lower than that accumulated in the past year, so its exchange rate is showing fewer changes than usual in recent days.
The Banco de la República de 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 peaks that the national currency reported between late 2022 and early 2023.
Regarding inflation, forecasts are also positive. A downward trend is expected, with inflation decreasing to 5.61%, still far from the ideal three percentage points but without hovering around the 10% it reached in previous months.
However, this contrasts with economic growth forecasts, as the central bank 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.
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