The dollar in Colombia is close to dropping below $3,900

On today’s session, the US dollar is trading at an average of 3,922.78 Colombian pesos, representing a change of 0.06% compared to the 3,925.07 pesos from the previous session.

The small movement of the currency occurred after the international markets behaved relatively calmly.

Compared to last week, the US dollar has increased by 0.1%; nevertheless, over the past year, it has still experienced a decrease of 15.63%.

The recent volatility stands at 7.3%, significantly lower than the annual volatility figure of 15.63%, suggesting reduced variability compared to usual lately.

However, the Central Bank of Colombia expects that by the end of 2024, the exchange rate will average 4,081 pesos per dollar.

This forecast is encouraging, far from the peaks that the Colombian currency experienced between late 2022 and early 2023.

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.

In just the first half of the year, the Colombian peso has experienced significant appreciation, driven in part by the weakening of the dollar globally.

Locally, the Colombian economy has benefited from the slow discussion that Congress has had regarding the reforms proposed by President Gustavo Petro.

The National Administrative Department of Statistics (DANE) released the results of the Gross Domestic Product (GDP) for the fourth quarter of 2023 and the full year of 2023. With virtual stability between the third and fourth quarters, Colombia’s GDP grew by only 0.6% in the full year of 2023.

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