According to data from Set-FX provided by Credicorp Capital, the dollar in Colombia began the day at $4,045. This reflects an increase of $8 from the previous close, which was $4,037.
During the initial minutes of trading, the currency reached a maximum price of $4,045. It also dipped to a minimum of $4,039 and is currently averaging around $4,042.
The Fedesarrollo and BVC survey also indicated an increase in growth and inflation forecasts for the end of this year, as reported by the market. For 2024, expectations set the exchange rate at $4,050, marking a slight decrease from last month’s prediction of $4,080.
In recent months, the trends in dollar negotiations in Colombia have shown some volatility. The same survey highlighted that Colombia is projected to have a GDP growth of 1.5% for 2024, with inflation expected to rise to 5.7%. The report further indicates that interest rates will likely close the year at 8.50%.
On the international front, the market continues to digest Joe Biden’s withdrawal from the presidential race, while he endorsed Vice President Kamala Harris as the new Democratic candidate for the upcoming elections.
Additionally, the People’s Bank of China has cut its benchmark interest rates. Consequently, the indicator is now within the 3.45% to 3.35% range, while five-year rates, which influence mortgage pricing, decreased from 3.95% to 3.85%.
For more insights on the current dollar rates in Colombia, you can visit Valor Analitik.
For additional information about how the dollar has been trading in Colombia over the past few months, read more about how it has impacted the financial landscape in our linked article here.
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