After a slight decrease in the first operations of the Colombian foreign exchange market, the price of the dollar reached a new historical maximum of 4,400 pesos, according to the records of the Electronic Trading System of the Colombian Stock Exchange (BVC), which show an average rate so far of the day of 4,353, 7 pesos, only 6 pesos above the official rate that governs for this Thursday.
(Also read: Dollar: why is its price rising so much against the Colombian peso?)
The dollar began operations this Thursday in the Colombian interbank market with a drop in its price of about 19 pesos in the first negotiations, compared to the current official rate for today of 4,348.68 pesos. The first reports indicated that in the first 15 minutes of the session the price of the currency fell to a preliminary low of 4,327.95 pesos, but the US currency managed to drop to 4,320 pesos.
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Analysts maintain that this rebound in the cost of the US currency is a global phenomenon, but that it is felt more strongly in Colombia to the extent that the peso is much more sensitive to external variables.much more than the Peruvian sol, the Mexican peso and the Chilean peso, which have also lost value against the dollar, but to a lesser extent than the Colombian currency.
This behavior occurs because at the international level there is great uncertainty in the face of a recession in the United States, as a result of the contractionary monetary policy that the US central bank (Federal Reserve) began to apply to try to contain the sharp rise in prices in its economy. .
The Federal Reserve announced that another 0.5 or 0.75 point increase will probably be approved at the meeting on July 26 and 27, although the minutes of last month’s meeting show that the governors recognized that a further increase will have to be studied. raised if necessary.
Governors acknowledged “the possibility that even tighter monetary policy may be appropriate if high inflation pressures continue to persist,” the minutes said.
Such fears of a global economic slowdown have investors seeking safe havens for their capital, which has increased demand for the currency.
Time