[Economics] The dollar does not stop falling: it lost more than 70 pesos at Easter

[Draeno]

 

 

 

The price of the dollar in Colombia does not stop falling and is positioned, these days, in the range between 4,500 and 4,600 pesos... and falling.

This Wednesday, April 5, the last business day of Holy Week, the currency opened at 4,575.20 pesos. And other prices at which it was negotiated were 4,567.38, 4,570.14, 4,577, 4,578.70, 4,582 and 4,586.75 pesos, the latter being the highest of the day.

(See: Annual inflation for March 2023 in Colombia was 13.34%).

Downwards, the minimum price that the dollar had was 4,561.50 pesos.

At the end of the day, the average trading price of the currency was 4,570.76 pesos, 16.5 pesos less than the Representative Market Rate (TRM) of the day, which is 4,587.31 pesos.

(See: Agriculture and food took the pace of exports in 2023).

Thus, in this Holy Week, the dollar lost 31.94 pesos compared to the average trading price on Monday (4,602.70 pesos) and 75.32 pesos with respect to the TRM (4,646.08 pesos).

Since the last weeks of March, the dollar has had losses and at the beginning of April it has accentuated them.

(See: Colombian economy will grow 1.1% in 2023, according to the World Bank).

Among the reasons for the rise in the peso, as well as other currencies, is the decision by the Organization of Petroleum Exporting Countries (Opec) plus Russia to cut production by 1.6 million barrels of oil. This fact would also impact inflation.

(See: How to take advantage of lower interest rates from banks).

For Diego Rodríguez, managing director of Bosk Capital, the OPEC cut (which is added to the 2 million barrels of October last year) and the decision not to increase strategic energy reserves by the United States, as had been expected once the dollar fell, and inflationary pressures put pressure on the dollar.

 

https://www.portafolio.co/economia/finanzas/trm-hoy-precio-del-dolar-hoy-5-de-abril-del-2023-en-colombia-580990