The price of the dollar in Colombia continues to fall and this Tuesday, July 19, it began losing about 30 pesos, maintaining the downward trend that it has been dragging since the middle of last week, when it began to give a break to those who work with this currency and They depend on it for their business.
According to the Colombian Stock Exchange, the US currency opened with a value of 4,290 pesos, 24.41 less than the Representative Market Rate set for today by the Financial Superintendence at 4,315 pesos and 41 cents. This is the second time this week that he has started with a loss.
Likewise, in its first operations it fell to a minimum of 4,280, 35 below the TRM, remaining very close to the levels it had 20 days ago, when the upward climb began that took it to 4,600 pesos, and then began to fall. and lose about 400 pesos since last Wednesday.
Nevertheless, in the first operations the price of the dollar shows signs of volatility, reaching maximums of 4,300 pesos and immediately falling again. Until now, its average price is around 4,291 pesos and 25 cents, while the latest value (at the 8:30 am cutoff) is 4,295.
It should be remembered that yesterday, Monday -July 18- the US currency closed with a value of 4,305 pesos and 65 cents, 17.35 below the Market Representative Rate that had been set at that time by the Financial Superintendent at 4,323.
Likewise, this price was almost 60 pesos below the records of last Friday, when the week ended about 4,370 pesos and 60 centsquite affected by the fear of a recession in the United States.
The Colombian peso is not the only currency that is taking ground from the dollar, since the euro also rises against this currency today, moving away from parity before the meeting of the European Central Bank (ECB) on Thursday. Right now, the European Union currency is up 0.89% to $1.0234.
Since its last meeting, the ECB has indicated that it will raise its interest rates official at 25 basis points on Thursday.
In this scenario, it must be borne in mind that oil prices rose on Monday for the third consecutive session, in a market that did not calm the President Joe Biden’s visit to the Middle East and fears a prolonged suspension of Russian gas exports to Europe.
A barrel of Brent for delivery in September gained 5.05%, to settle at 106.27 dollars. On the other hand, the barrel of WTI, for August, rose 5.13%, to 102.60 dollars, closing above $100 for the first time in a week.
These events, added to the data on the economic slowdown recently revealed in the United States and inflation that reached record highs in the last 40 years, are generating fear among investors and putting all the market’s attention on the Federal Reserve, which studies a new increase in interest rates.
It should also be borne in mind that the recent results of economic growth in Colombia favored the Colombian peso against the dollar. The National Administrative Department of Statistics (Dane) presented yesterday, Monday, July 18 the results of the Economic Monitoring Indicator for May, which shows that the country’s economy grew 16.5% for the fifth month of the year.
Manufacturing industries and construction (33.1%), wholesale and retail trade, transportation and storage, and accommodation and food services (29.1%) and information and communications (17.2%) were the sectors with the most marked economic growth for this period, according to Dane reports.