The peso has been strengthening once morest the dollar, since the technical recession in the United Statesannounced on Thursday when it was revealed that for the second consecutive quarter the Gross Domestic Product of that country contracted, making the markets fear that they are beginning to opt for other assets.
The Financial Superintendence of Colombia accredited the Representative Market Rate that will apply from tomorrow until Monday: $4,300.30, what it represented a drop of $75.21 once morest the current TRM. This is the lowest figure since the currency reached an all-time high on July 13, when it traded at $4,627.
According to the Set-FX platform, the opening price of the US currency was $4,375, while the maximum reached levels of $4,375 and the minimum $4,238.50. During the day, more than US$1,371 million were negotiated through 1,987 transactions.
This result is also driven by the Banco de la República’s decision to raise the interest rate by 150 basis points, bringing it to 9%.
“The exchange rate showed an appreciation of more than 1% yesterday and fell below the $4,400 level to the extent that news such as the increase in rates by the Fed, of 75 basis points, and the behavior of GDP in the US USA, sent a message of concern regarding the growth of that economy. This caused the US dollar to deteriorate once morest most of the world’s currencies. In addition, in Colombia there was an overreaction, and when it rises more than the rest, we also see it in declines,” said Sergio Olarte, chief economist at Scotiabank Colpatria.
