This Thursday, the dollar on the Stock Exchange closed the day at $4,627.72 on averagewhich represented an increase of $78.83 compared to the Representative Market Rate (TRM), which today stands at $4,548.89.
According to the Set-FX platform, the US currency had an opening price of $4,585, a low of $4,585, and a high of $4,657.4. During the day, more than US$1,387 million were negotiated through 2,562 transactions.
In the intraday, the exchange rate exceeded the maximum historical TRM of $4,627.46, which was touched on July 13 of this year.
The dollar continued to rise following the Dane published the inflation data for September, which was 11.44% annually, a figure higher than what the market expected. Furthermore, it is the largest variation since March 1999, when annual inflation reached 13.51%.
“In addition to international stress, the dollar absorbed the inflation data above expectations in Colombia,” said José Luis Hernández, trader at Corficolombiana’s institutional desk.
In addition, he pointed out that “possibly it was also due to the President’s announcement of placing an exit tax on swallow capital. That is never well seen by international investors. The volatility will continue.
For Felipe Campos, behavioral investment and research manager at Alianza Valores y Fiduciaria, “half is the strength of the global dollar associated with the same risks of recession and the other half is the effects of the government’s capital management messages, which they make the devaluation today be three times that of Chile”.
The rise of the dollar occurs despite the fact that the prices of Brent crude were operating close to US$93following OPEC + agreed to reduce global oil supply with an agreement to cut production targets by 2 million barrels per day (bpd), the largest reduction since 2020.
The barrel of Brent oil, a benchmark for Colombia, rose 1.36% to US$94.64; while WTI rose 1% to US$88.64.
The deal between the Organization of the Petroleum Exporting Countries (OPEC) and a Russian-led alliance, a group known as Opec+, pre-empts a European Union embargo on Russian crude and would reduce supplies in an already tight market, increasing inflation.
“We believe that the impact on prices of the announced measures will be significant,” Jorge Leon of Rystad Energy told Archyde.com. “In December this year, Brent is expected to exceed US$100 a barrel, compared to our previous forecast of US$89.”
Saudi Energy Minister Abdulaziz bin Salman said the actual supply cut would be between 1 million and 1.1 million bpd. The Saudi part of the cut is regarding 0.5 million bpd.